NEW WORLD DEV expects a loss in the first half of the fiscal year due to impairment losses
The New World Development, owned by Hong Kong billionaire Cheng family, is expected to record a loss in the first half of the fiscal year, dragged down by impairment losses. An announcement submitted to the Hong Kong Stock Exchange on Friday indicated that for the six months ending in December, the company expects a loss of HKD 6.6 billion to HKD 6.8 billion from continuing operations. The company stated that the reasons include property depreciation losses and the widening losses in the fair value of investment properties
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