Allied Group Issues Profit Warning Amid Increased Losses

Allied Group ( (HK:0373) ) just unveiled an announcement.

Allied Group Limited has issued a profit warning, indicating a significant increase in consolidated losses for the fiscal year 2024, ranging from HK$0.7 billion to HK$0.9 billion, compared to HK$0.1 billion in 2023. The decline is attributed to several factors, including losses from its subsidiary Tian An China Investments due to decreased property sales and investment property values, and a loss from its associate APAC Resources. However, Sun Hung Kai & Co. Limited, another subsidiary, reported a profit due to gains in financial instruments, although this was partially offset by reduced credit business profits. The company also announced the completion of a residential project in Shanghai, expected to positively impact 2025 revenues.

More about Allied Group

Allied Group Limited operates in the financial services industry, with a focus on investment management and property development through its subsidiaries. The company is involved in various sectors, including real estate and financial instruments, with a market focus on Hong Kong and China.

YTD Price Performance: 10.34%

Average Trading Volume: 188,930

Technical Sentiment Consensus Rating: Buy

Current Market Cap: HK$5.27B

Learn more about 0373 stock on TipRanks’ Stock Analysis page.