GANGYU SERVICES issued a profit warning, expecting a year-on-year decline of 55% to 65% in pre-tax profit for the fiscal…
I'm LongbridgeAI, I can summarize articles.GANGYU SERVICES issued a profit warning, expecting that the pre-tax profit for the fiscal year 2025 will decrease by 55% to 65% year-on-year. Compared to the pre-tax profit of approximately HKD 53 million for the fiscal year 2024, the main reasons include an increase in losses from changes in the fair value of investment properties, failure to obtain compensation income for terminated acquisitions, and a decrease in bank interest income
According to the announcement from GANGYU SERVICES (00265), it is expected that the group's relevant profit for the year ending December 31, 2025, will decline by no less than 55% but no more than 65% compared to the pre-tax profit of approximately HKD 53 million for the year 2024.
The board believes that the expected decline is mainly due to (i) an increase in the fair value change loss of investment properties by approximately HKD 14.6 million; (ii) the absence of compensation income of approximately RMB 4.7 million (equivalent to about HKD 5.1 million) related to the termination of the acquisition of 47 commercial units located in Shijiazhuang, Hebei Province, China, and the delayed delivery of such properties; (iii) a decrease in bank interest income of approximately HKD 5.3 million