"Profit Warning" DINGYI GP INV estimates a loss of 485 million yuan in the first half of the year

DINGYI GP INV (00508.HK) issued a profit warning, expecting a loss of approximately HKD 485 million for the six months ending in September, compared to a net profit of HKD 27.3 million in the same period last year. The reasons include a decline in gross profit margin from about 18% in the previous period to approximately negative 59% in the current period; impairment losses on receivables and interest provisions of about HKD 20.3 million; a loss of HKD 230 million from the derecognition of financial liabilities; and a write-down of HKD 40.5 million for properties under development and completed properties held for sale