Hon Kwok Land Investment Co., Ltd. (HK:0160) has released an update.
Hon Kwok Land Investment Co., Ltd. has issued a profit warning indicating a substantial decrease in its annual profit for the year ended March 31, 2024, with expected profits below HK$10 million, down from HK$153.4 million the previous year. The decline is mainly attributed to significant fair value losses on investment properties and increased finance costs due to rising interest rates. Investors are advised to exercise caution and await the publication of the finalized annual results in late June 2024.
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