Asia Orient (00214) announced that the shareholder is expected to have a net loss of HKD 3.55 billion to HKD 3.95 billion until the fiscal year ending on March 31, 2024. This is compared with a surplus of HKD 429 million for the fiscal year ending on March 31, 2023.
Asia Orient (00214) announced that the shareholder is expected to have a net loss of HKD 3.55 billion to HKD 3.95 billion until the fiscal year ending on March 31, 2024, compared to a surplus of HKD 429 million for the fiscal year ending on March 31, 2023.
This change is mainly due to the expected credit loss provisions for debt securities investments, and other factors include a joint venture that owns a development project in Geodong Bei, which failed to reach a consensus with the government on the amount of land price compensation within the specified period, resulting in the government subsequently taking back the land and sharing the impairment provision for the project's attributable assets, as well as investment properties with much lower fair value gains than last year.