Allied Group Issues Profit Warning Amid Financial Challenges

The latest update is out from Allied Group ( (HK:0373) ).

Allied Group Limited has issued a profit warning, indicating an expected consolidated loss of HK$0.7 billion to HK$0.9 billion for FY2024, compared to a loss of HK$0.1 billion in FY2023. This decline is attributed to several factors, including losses from its subsidiary Tian An China Investments due to decreased property sales and investment property value, as well as a loss from its associate APAC Resources Limited. However, Sun Hung Kai & Co. reported a profit due to gains in financial instruments, despite reduced credit business profits. Additionally, the completion of Phase 2C of The One Tian An Place in Shanghai is anticipated to positively impact future revenues.

More about Allied Group

Allied Group Limited operates in the financial services industry with a focus on investment management and property development. The company is involved in various sectors through its subsidiaries, including Sun Hung Kai & Co. Limited and Tian An China Investments Company Limited, which engage in investment management and property development, respectively.

YTD Price Performance: 10.34%

Average Trading Volume: 188,930

Technical Sentiment Consensus Rating: Buy

Current Market Cap: HK$5.27B

See more data about 0373 stock on TipRanks’ Stock Analysis page.