Grand Ming Group Holdings Limited provided consolidated earnings guidance for the six months ended September 30, 2023. For the period, the group is expected to record a decline in each of the revenue and net profit for the Period by not less than 90% as compared to the revenue of approximately HKD 4,920 million and net profit of approximately HKD 1,410 million for the six months ended 30 September 2022. The significant drop in revenue for the Period was primarily due to a substantial decrease in the number of properties sold from its property development project, whilst the decline in net profit for the Period was mainly attributable to (i) a substantial reduction of revenue and profit recognised in the property development segment stemming from the aforementioned decrease in the number of properties sold; and (ii) an increase in finance cost due to the increase in interest rates; but was partially offset by a gain on revaluation of investment properties under development during the Period.