Wing On Co. International Ltd. (HK:0289) has released an update.
Wing On Company International Ltd. forecasts a substantial swing into the red with an anticipated loss of HK$239.6 million for the first half of 2024, a stark contrast to the profit of HK$274.2 million in the same period of the previous year. This loss is largely due to a significant valuation loss on the Group’s investment properties and a downturn in the Group’s department store operations, attributed to changes in consumer spending habits and increased outbound travel. Despite these setbacks, the company’s investment property income remains stable, and they have seen a positive gain in their investment portfolio.
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