Swire Properties Forecasts Lower Underlying Profit in 2024

MT Newswires Live02-10

Swire Properties (HKG:1972) forecasts underlying profit attributable to shareholders to fall to HK$6.8 billion in 2024 from HK$11.6 billion in 2023, according to a Friday filing with the Hong Kong Stock Exchange.

The fall reflects the absence of a one-off profit of HK$3.3 billion from the sale of nine floors of One Island East completed in December 2023 and lower profit from the sale of car parking spaces in the city, the filing said.

The real estate firm expects to swing to a reported loss of HK$800 million in 2024 from a profit of HK$2.6 billion led by a fair value loss of investment properties of HK$6.3 billion, the filing said.

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