ITC Properties Reports Increased Revenue but Larger Losses

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

ITC Properties Group Limited reported a challenging fiscal year ending March 2024, with a significant increase in revenue to HK$111 million from HK$91 million the previous year but a net loss of HK$645 million, deepening from a HK$147 million loss. The losses were attributed to full impairment of interests in an associate, decreased fair value of investment properties, and shared net losses of joint ventures, leading to a decision against paying dividends. Despite the tough market conditions, the Group made strategic disposits of properties and saw increased contribution from its Grand Oasis luxury residential project in Macau.

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