New World Development Faces Revenue Dip

New World Development (HK:0017) has released an update.

New World Development reported a notable decrease in their annual financial results, with core operating profit from continuing operations dropping by 18% to HK$6,898 million, and a loss attributable to shareholders amounting to HK$11,807 million. The company’s revenue fell by 34% year-on-year, largely due to reduced property development bookings in Hong Kong and Mainland China. Despite the downturn, the company has seen operational efficiency gains in its Hong Kong property investment segment, while maintaining high occupancy rates in Mainland China.

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