ART GROUP HOLD (00565) announces expected half-year profit of approximately HKD 27 million, turning losses into profits year-on-year.

ART GROUP HOLD (00565) announced that it is expected to achieve a profit of approximately HK$27 million for the six-month period ending on December 31, 2024, compared to a net loss of approximately HK$38 million for the six-month period ending on December 31, 2023. The announcement stated that the return to profit is mainly due to (i) a one-time gain of approximately HK$303 million from the termination of a lease agreement and reversal of deferred tax liabilities of approximately HK$15 million related to the cancellation of recognition of investment property, offset by a loss of approximately HK$276 million from the cancellation of recognition of investment property; and (ii) a profit of approximately HK$11 million from the bargain purchase of a subsidiary company.