Chinney Inv (00216.HK) announced on June 13th that the group is expected to record a loss of about HK $65 million attributable to owners of the company for the year ending March 31, 2024, compared with a profit of about HK $33 million attributable to owners of the company for the year ending March 31, 2023.

The board of directors believes that the expected decrease in profit is mainly due to the combined effect of the following factors: (1) As of March 31, 2024, the group is expected to record a fair value loss on investment properties of approximately HK $112 million attributable to owners of the company, compared to a fair value gain on investment properties of HK $21 million attributable to owners of the company in the same period last year. The fair value loss is of a non-cash nature and will not affect the overall financial position of the group. (2) The increase in financial expenses of the group is mainly due to the sharp rise in Hong Kong bank loan interest rates.