New World Development Forecasts Profit Drop

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

New World Development Company Limited anticipates a decrease in its core operating profit for FY2024, with an expected range of HK$6,500 million to HK$6,900 million, marking an 18% to 23% drop from the previous fiscal year. Additionally, the company forecasts a substantial loss attributable to shareholders, estimated between HK$19,000 million to HK$20,000 million, due to various factors including lack of revenue from major projects, revaluation losses, and an one-off non-cash loss from the disposal of its shares in NWS Holdings Limited. Investors are advised to exercise caution when dealing with the company’s securities.

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