Asia Standard International Group (HK:0129) has released an update.
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Asia Standard International Group Limited has issued a profit warning, indicating an expected loss of HK$5,500 million to HK$6,100 million for the year ending 31 March 2024, a significant downturn from the previous year’s profit of HK$801 million. The anticipated losses are largely due to increased provision for expected credit losses on debt security investments, a failed consensus on land premium for a joint venture development project, and reduced fair value gains on investment properties. These contributing factors are non-cash items and are not expected to impact the group’s cash flow directly.
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