Magnus Concordia Expects Reduced Annual Loss

Magnus Concordia Group Limited (HK:1172) has released an update.

Magnus Concordia Group Limited anticipates a significant reduction in its annual loss, with preliminary management accounts suggesting a decrease from around HK$353 million to between HK$112 million and HK$123 million for the fiscal year ending March 2024. The improvement is largely due to a lower provision for the impairment of its property development project in Zigong City, China. However, investors are cautioned that these figures are based on unaudited accounts and are subject to final adjustments.

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