Hon Kwok Land (00160.HK) announced that the group expects the attributable profit of the company's shareholders for the financial year ending on 31 March 2024 to be less than HKD 10 million, compared to the attributable profit of the company's shareholders of about HKD 153,400,000 for the financial year ending on March 31, 2023.

The board of directors believes that the expected reduction in profit is mainly due to: (1) as of March 31, 2024, the group's investment property revaluation has a fair value loss of approximately HKD 140 million, while the same period last year recorded a fair value gain in investment property of HKD 43,000,000. (2) The increase in financial expenses of the group is mainly due to the sharp rise in Hong Kong bank loan interest rates.