Taihe Holdings (00718) announced interim results. Losses attributable to owners of approximately HK$252 million narrowed by 61.93% year-on-year

According to the Zhitong Finance App, Taihe Holdings (00718) announced its 2024 interim results, with revenue of HK$59.887 million, a year-on-year decrease of 39.9%. The loss attributable to the owners of the company was approximately HK$252 million, a year-on-year decrease of 61.93%; loss per share was 4.79 HK cents.

According to the announcement, the loss reduction was due to the combined effects of the following factors: the fair value of investment properties decreased by about HK$111 million due to negative effects after the COVID-19 pandemic; provision was made for guarantee contracts of approximately HK$76.2 million during the reporting period. These guarantees were provided by direct holding companies of Guangzhou Shopping Mall and Jinzhou Shopping Center to banks in China for third party loans, and the seller did not disclose such guarantees to the Group when the Group acquired the holding companies of the two shopping centers; and related to the acquisition of Guangzhou Shopping Center in connection with bank loans of about $1,345 million The financial costs were approximately HK$77.3 million during the reporting period.