SOCAM Development Limited provided consolidated earnings guidance for the six months ended 30 June 2019. The Board believes that the aforesaid turnaround from net loss to net profit position was primarily attributable to: the absence of a one-time loss of approximately HKD 57 million recognised in the 2018 Interim Period for the marked-to-market loss of several foreign currency hedging contracts, which matured in March 2018 and May 2018; a significant reduction in net exchange losses in the 2019 Interim Period due to a decrease in depreciation of Renminbi against Hong Kong dollars and an appreciation of Hong Kong dollars against United States dollars; gain on the disposal of the Group's 34.8% effective interest in Nanjing Jiangnan Cement Co. Ltd. of approximately HKD 49 million as announced on 14 May 2019; better results achieved by the Group's construction business in the 2019 Interim Period; but partly offset by the absence of a one-off write-back of the fees payable by the Group in relation to the Dalian Tiandi project amounting to approximately HKD 32 million recognised in the 2018 Interim Period.