ITC Properties Group Forecasts Major Losses

ITC Properties Group Limited (HK:0199) has released an update.

ITC Properties Group Limited has issued a profit warning, anticipating a net loss of not less than HK$600 million for the year ended 31 March 2024, a significant increase from HK$146.9 million the previous year. The expected loss is largely due to an impairment on their equity interests in Rosedale Hotel Beijing, a substantial decrease in the fair value of investment properties, and the absence of profitable disposals and reversals of impairment losses recorded in the prior year. Shareholders and potential investors are advised to be cautious when dealing with the company’s shares as the final results, subject to audit, will be announced on 28 June 2024.

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