China Chengtong Development Group Limited ( (HK:0217) ) has provided an update.
China Chengtong Development Group Limited announced a significant decrease in its consolidated profit for the fiscal year 2024, with expectations of profit after tax ranging between HK$37 million to HK$39 million, marking a drop of 43% to 46% from the previous year. This downturn was attributed to external factors such as fluctuating interest rates, global inflation, geopolitical tensions, and economic growth challenges, which affected their leasing revenue and investment property values. Despite these challenges, the company managed to partially offset losses through a reduction in impairment losses and finance costs.
More about China Chengtong Development Group Limited
China Chengtong Development Group Limited is a diversified company based in Hong Kong, primarily engaged in the leasing and management of investment properties. The company operates in various sectors and has a focus on capitalizing market opportunities while managing its leasing activities.
Technical Sentiment Consensus Rating: Buy
Current Market Cap: €69.92M
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