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NWD Falters 2% w/ Loss from Continuing Operations Expected at $6.8B Max. in 1HFY25
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After issuing a profit warning, NEW WORLD DEV (00017.HK) opened up 0.68% today (24th) before falling. It last traded at $4.34, down 2.03%, on a volume of 1.3709 million shares, involving $5.9906 million. Last Friday (21st) evening, NEW WORLD DEV announced that for 1HFY25 ended December 2024, its loss from continuing operations is expected to range $6.6-6.8 billion, and the core operating profit from continuing operations is estimated to be $4.35-4.55 billion, marking a decrease of 15-19% compared to the same period in the previous fiscal year. The loss was mainly owing to the impairment loss and the share of impairment loss on development properties held by the group’s subsidiaries and joint ventures of approximately $3.3-3.5 billion, reflecting the lower expected realizable prices with the group’s development properties; the increase in fair value loss of investment properties held by the group’s subsidiaries and joint ventures to approximately $1.4-1.6 billion; the significant drop in gain on redemption of fixed rate bonds to approximately $15 million from $690 million in 1HFY24; and the lack of one-off gain on transfer to investment properties during the period, which amounted to $1.257 billion in the same period in the previous fiscal year. The company will announce its 1HFY25 results this Friday (28th). AAStocks Financial News |
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