Company: TGE
Filing Date: 2025-02-19
Form Type: DRS
Source: 0001213900-25-015012
Chunk: 344

Company: Generation Essentials Group
Filing Date: 2025-02-19
Form: DRS
Chunk 344
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 for the six months ended June 30, 2023 mainly due to fluctuation in the stock market affecting the fair value of the listed shares of Bank of Qingdao and Guangzhou Rural Commercial Bank which we hold as investments. Cost of production and cost of hotel operation Our cost of production and cost of hotel operation increased from US$2.7 million in the six months ended June 30, 2023 to US$6.0 million in the six months ended June 30, 2024. Our cost of production increased from US$1.4 million in the six months ended June 30, 2023 to US$3.5million in the six months ended June 30, 2024, mainly due to the additional costs incurred as a result of the expansion in the operation of L’Officiel and our acquisition of The Art Newspaper in October 2023. Our cost of hotel operation increased from US$1.3 million in the six months ended June 30, 2023 to US$1.9 million in the six months ended June 30, 2024, mainly due to the additional costs recognized from our hotels in line with the increase in segment revenue generated from our hotel operation. Other income Our other income increased from US$0.5 million in the six months ended June 30, 2023 to US$24.8 million in the six months ended June 30, 2024, mainly due to the disposal of the entire equity interests in certain of our subsidiaries which were not conducting the core business of our company, during the six months ended June 30, 2024. Other operating expenses Our other operating expenses increased from US$1.4 million in the six months ended June 30, 2023 to US$6.1 million in the six months ended June 30, 2024, mainly due to an increase in depreciation of our hotel properties and other corporate expenses arising from the additional contribution recognized from our hotel operations during the six months ended June 30, 2024. Staff costs Our staff costs increased from US$3.8 million in the six months ended June 30, 2023 to US$5.7 million in the six months ended June 30, 2024, mainly due to the increase in salaries as a result of our business expansion. Share of losses of joint ventures Our share of losses of joint venture marginally decreased from US$1.0 million in the six months ended June 30,