Chinese Estates Holdings Forecasts Swing to Loss on Plunge in Revenue

MT Newswires Live2024-08-07

Chinese Estates Holdings (HKG:0127) forecasts it will swing to a net loss of between HK$360 million and HK$480 million in the first half, from a profit of HK$147 million in the year-ago period, according to a Tuesday filing with the Hong Kong Stock Exchange.

Revenue is seen to fall 23% to 33% year over year, from HK$271 million in the year-ago period, according to the filing.

The foreseen net loss and decline in revenue are attributable to lower gains from sales of investments held-for-trading, and a loss in fair value changes of investment properties compared with a loss in the year-ago period, the filing said.

The property developer plans to release first-half results within August.

Chinese Estates Holdings shares were down 2% on Wednesday's close.

Price (HKD): $1.22, Change: $-0.03, Percent Change: -2.40%

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