Greenheart Group Limited provided consolidated earnings guidance for the year ended 31 December 2023. For the period, the company expects to record an increase of approximately 30% in its net loss for the period as compared to that of last year. The increase in net loss attributable to the Shareholders was mainly due to the result of the following: A decrease in revenue of approximately HKD 67,577,000 (2022: HKD 150,981,000) contributed by New Zealand division as compared with last year due to the reduction in sales volume, resulting from reduced demand caused by the slowdown and stress in China's real estate market, and a reduction in the supply of logs from own plantation forests; A non-cash fair value loss of approximately HKD 12,050,000 (2022: HKD 3,250,000) relating to the plantation forest assets located in New Zealand.

The fair value loss was primarily attributed to the challenging market conditions and escalating operating costs driven by an promoted inflation rate; and An impairment loss on timber concessions and cutting rights of approximately HKD 75,519,000, which was due to the substantial rises in production costs, especially an increase in license fees for holding concessions in Suriname and a significant increase in transport costs.