Hon Kwok Land Investment Co., Ltd. (HK:0160) has released an update.
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Hon Kwok Land Investment Co., Ltd. has issued a profit warning, anticipating a net loss of up to HK$40 million for the first half of the fiscal year 2024, compared to a profit of HK$89.1 million in the same period last year. The expected loss is mainly due to delayed property sales recognition in Guangzhou and significant fair value losses in its investment properties amidst a declining real estate market in Hong Kong and Mainland China. Despite these setbacks, the company expects to recognize substantial revenue from completed projects in the coming months.
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