MAGNIFICENT, SHUNHO PROPERTY, and SHUNHO HOLDINGS expect the mid-term net profit attributable to shareholders after tax, excluding revaluation and non-cash depreciation, to increase year-on-year
MAGNIFICENT, SHUNHO PROPERTY, and SHUNHO HOLDINGS are expected to see mid-2025 net profits increase year-on-year, with MAGNIFICENT expected to be no less than HKD 59 million, SHUNHO PROPERTY HKD 78 million, and SHUNHO HOLDINGS HKD 38 million, representing increases of over 40%, 28%, and 27% respectively. The growth is mainly attributed to increased hotel revenue and reduced operating and financial costs. However, the net profits of SHUNHO PROPERTY and SHUNHO HOLDINGS may still decline due to a weak property market
According to the Zhitong Finance APP, MAGNIFICENT (00201), SHUNHO PROPERTY (00219), and SHUNHO HOLDINGS (00253) jointly announced that the expected changes in net profit attributable to the owners of the company for the mid-term of 2025, compared to the six months ending June 30, 2024, are as follows:
MAGNIFICENT expects that the net profit attributable to the owners of the company after tax, excluding revaluation and depreciation, for the mid-term of 2025 will be no less than HKD 59 million, compared to a net profit of HKD 42 million for the same period in 2024, an increase of over 40% year-on-year.
SHUNHO PROPERTY expects that the net profit attributable to the owners of the company after tax, excluding revaluation and depreciation, for the mid-term of 2025 will be no less than HKD 78 million, compared to a net profit of HKD 61 million for the same period in 2024, an increase of over 28% year-on-year.
SHUNHO HOLDINGS expects that the net profit attributable to the owners of the company after tax, excluding revaluation and depreciation, for the mid-term of 2025 will be no less than HKD 38 million, compared to a net profit of HKD 30 million for the same period in 2024, an increase of over 27% year-on-year.
Compared to the mid-term of 2024, the expected increase in net profit attributable to the owners of the company after tax, excluding revaluation and non-cash depreciation, for the mid-term of 2025 is mainly due to (i) increased hotel revenue; (ii) reduced hotel operating costs; and (iii) reduced financial costs. Despite this increase, it is still expected that the net profit attributable to the owners of SHUNHO PROPERTY and SHUNHO HOLDINGS after tax, including revaluation and non-cash depreciation, will decrease compared to the mid-term of 2024 due to the weak property market leading to a decline in non-cash property valuations
