New World Dev Limited (New World Dev) announced the full-year performance for 2023/2024, with a core operating profit of HK$689.8 million, a decrease of 18% year-on-year. The loss attributable to shareholders was HK$1,180.7 million, and the group's revenue was HK$3,578.2 million, a 34% year-on-year decrease, mainly due to reduced property development income in Hong Kong and mainland China. Revenue from property development in Hong Kong was HK$241.2 million, and in mainland China it was HK$1,371.3 million. Investment property income in Hong Kong was HK$335.6 million, and in mainland China it was HK$184.1 million. Due to the recorded loss attributable to shareholders, the board of directors decided not to recommend the distribution of final dividends. The full-year...Show More

New World Dev Limited (New World Dev) announced the full-year performance for 2023/2024, with a core operating profit of HK$689.8 million, a decrease of 18% year-on-year. The loss attributable to shareholders was HK$1,180.7 million, and the group's revenue was HK$3,578.2 million, a 34% year-on-year decrease, mainly due to reduced property development income in Hong Kong and mainland China. Revenue from property development in Hong Kong was HK$241.2 million, and in mainland China it was HK$1,371.3 million. Investment property income in Hong Kong was HK$335.6 million, and in mainland China it was HK$184.1 million. Due to the recorded loss attributable to shareholders, the board of directors decided not to recommend the distribution of final dividends. The full-year dividend was HK$0.20 per share. The group strictly controlled costs, with capital expenditures for ongoing operations and administrative and other operating expenses decreasing by approximately 23% and 17% respectively. The group has completed the sale of shares in New Creation, no longer holding any shares in New Creation, which is no longer a subsidiary of the group. The net loss on the sale of related business matters amounted to a total of HK$825.71 million.