Kwan On Holdings Ltd. (HK:1559) has released an update.
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Kwan On Holdings Limited has issued a profit warning, forecasting a significant increase in net losses for the fiscal year ended March 31, 2024, estimated between HK$150 million and HK$190 million, in contrast to the previous year’s HK$111.7 million. The anticipated losses are primarily due to an impairment loss on a property sale, provisions for legal disputes with subcontractors, pandemic-related delays in government contracts, and rising administrative and financing costs. Shareholders and potential investors are cautioned to await the official annual results announcement scheduled for publication on June 28, 2024.
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