On June 14, Glonhui learned that WANG ON GROUP (01222.HK) has announced that it expects to record a loss of no more than HK$850 million for the year ending March 31, 2024, while the profit attributable to the owners of the parent for the year ended March 31, 2023, is about HK$12.8 million. This is mainly due to (i) the continued slump in the Hong Kong real estate market as of the year ending March 31, 2024, resulting in a significant reduction in the fair value of the properties the Group holds; (ii) the decrease in sales and deliveries of completed residential projects, resulting in a significant decrease in the Group's comprehensive income; (iii) the increased loss in fair value of investment properties; (iv) the increased loss in impairment of properties, plant, and equipment; (v) the increased realized loss from the sale of debt instruments; and (vi) the increase in financing costs due to rising interest rates.
WANG ON GROUP(01222.HK)盈警：预计年度母公司权益持有人应占亏损不多于8.5亿港元
WANG ON GROUP (01222.HK) warns of a loss for the year, expecting the attributable loss to the equity holders of the parent company to not exceed 850 million Hong Kong dollars.
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