Magnificent Hotel Group Issues Profit Warning

Magnificent Hotel Investments Limited (HK:0201) has released an update.

Magnificent Hotel Investments Limited, along with Shun Ho Property and Shun Ho Holdings, have issued a profit warning, indicating a significant increase in their hotel revenue and net profits before revaluation and depreciation for the first half of 2024 compared to the same period in 2023. However, due to a weak property market, they expect a decrease in net profits after accounting for revaluation and non-cash depreciation. The companies advise shareholders and potential investors to exercise caution when dealing in their shares, as the preliminary financial data is yet to be reviewed by auditors.

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