Renco Holdings Group Ltd. (HK:2323) has released an update.
Renco Holdings Group Ltd. anticipates a significant turnaround with a projected profit after taxation of no less than HK$24 million for the first half of 2024, marking a 116% improvement over the previous six months. This profit is primarily attributed to an estimated HK$239 million gain from selling a subsidiary with distressed assets, despite setbacks from overdue financial repayments and operational losses in certain segments. While the preliminary financial results suggest a positive outlook, shareholders and potential investors are cautioned to await the finalized interim results due for release by the end of August 2024.
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