Asia Orient Holdings (DE:ASD1) has released an update.
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Asia Orient Holdings Limited has issued a profit warning, anticipating a significant loss of between HK$3,550 million and HK$3,950 million for the year ending 31 March 2024, contrasting sharply with the previous year’s profit of HK$429 million. The expected loss is mainly due to an increase in provision for expected credit losses on investments in debt securities, disagreements over a joint venture land premium, and decreased fair value gain on investment properties. These contributing factors are non-cash items that the company expects will not directly impact its cash flow.
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