Far East Hotels & Entertainment Ltd. (HK:0037) has released an update.
Far East Hotels and Entertainment Limited has issued a profit warning, alerting shareholders and potential investors that it expects a significant net loss of HK$33 million for the year ended March 31, 2024, a considerable increase from the previous year’s HK$8 million loss. The anticipated increase in net loss is attributed primarily to a substantial decrease in the fair values of investment properties in Hong Kong and higher legal and professional fees for certain projects. The company cautions that these figures are based on preliminary assessments and advises stakeholders to await the detailed annual results expected by the end of June 2024.
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