Riverine China Holdings Limited provided unaudited consolidated earnings guidance for the period ended 30 June 2023. For the period, the company expected that the group's consolidated net profit will decrease by approximately 85% to 90% as compared with that for the period ended 30 June 2022. The decrease in net profit was mainly due to (i) the poor post-pandemic macroeconomic environment and the reduction of government expenditure, which resulted in the decrease in gross profit of the urban sanitary service segment of the Group, and (ii) the temporary redecoration of investment properties as the Group could not rent out those properties during redecoration period, which resulted in the decrease in profits of sublease services.

Notwithstanding the above, the business conditions and operating results of the Group's main business, i.e. property management service kept increasing. Nevertheless, the aforesaid factors that led to profit decline had a more significant impact and resulted in the decrease in the Group's consolidated net profit for the six months ended 30 June 2023.