"Profit Warning" CNT GROUP expects interim net loss to expand to a maximum of 40 million yuan

CNT GROUP (00701.HK) issued a profit warning, expecting a shareholder loss of between HKD 36 million and HKD 40 million for the six months ending June this year, compared to a shareholder loss of HKD 13.5 million for the same period last year.

The board believes that the increase in losses during the period is mainly due to a significant increase in the fair value losses of the group's investment properties in Hong Kong and the mainland, while the fair value losses for the same period last year were approximately HKD 11.6 million; there were no one-time recovery of defense costs for derivative litigation of approximately HKD 6.4 million for the same period last year; and significant shareholder losses from the non-wholly-owned subsidiary Zhongqi Group (01932.HK)