New Century Group Forecasts Profitable Rebound

New Century Group Hong Kong Limited (HK:0234) has released an update.

New Century Group Hong Kong Limited anticipates a notable financial turnaround, projecting a profit of over HK$20 million for the year ended 31 March 2024, in sharp contrast to the previous year’s HK$37 million loss. This positive shift is largely attributed to the divestiture of its loss-making cruise ship charter services and gains in investment property value, bank interest, and securities trading. Despite these gains, there has been an increase in impairment provisions for repossessed assets and mortgage loan receivables.

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