ASIASEC PPT issued a profit warning, expecting an annual net loss of approximately HKD 70 million to 80 million, turning from profit to loss year-on-year
ASIASEC PPT issued a profit warning, expecting an annual net loss of approximately HKD 70 million to 80 million for 2024, a significant turnaround from an annual net profit of about HKD 265 million in 2023. The main reasons include fair value losses on investment properties and increased financing costs, the latter primarily due to rising financing costs on borrowings in the second half of 2023
According to the Zhitong Finance APP, ASIASEC PPT (00271) announced that the group expects to incur a net loss of approximately HKD 70 million to HKD 80 million for the fiscal year 2024, compared to a net profit of approximately HKD 265 million for the fiscal year ending December 31, 2023.
The main reasons for the change in the group's financial performance are the fair value loss of investment properties for the fiscal year 2024, compared to the fair value gain of investment properties for the fiscal year 2023; and the increase in financing costs, primarily due to the financing costs related to other borrowings incurred in the second half of 2023 being higher than those for the fiscal year 2023
