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HKC announced a profit warning on 12 Mar 2020.
The board of directors of the Company (the “Board”) wishes to inform the shareholders of
the Company (the “Shareholders”) and potential investors that based on the unaudited
consolidated accounts of the Group for the year ended 31 December 2019, the Group is
expected to record an over 60% decrease in the unaudited consolidated net profit for the year
ended 31 December 2019 as compared to the audited consolidated net profit of
approximately HK$957.2 million for the previous corresponding period ended 31 December
2018. During the 2018 annual period, the Group recorded non-recurring revaluation gains of
approximately HK$700 million, primarily related to the completion of an investment property,
Shanghai Landmark Centre. These gains were not repeated during the 2019 annual period. In
addition, residential sales have decreased compared with the previous corresponding period
ended 31 December 2018 given a slower economy has adversely affected the property
markets and given the Group has a much smaller inventory of residential units available for
sale.
The information contained in this announcement is based on a preliminary assessment on the
unaudited consolidated accounts of the Group for the year ended 31 December 2019 and the
information currently available to the Board..
My Comment : This profit warning is disappointing . I calculate at 38 % of 2018 profit figure, shareholders should be expecting around $360 Mil profit for 2019.
This gives EPS = 70 cents and enough to pay final div of 20 cts.
The board of directors of the Company (the “Board”) wishes to inform the shareholders of
the Company (the “Shareholders”) and potential investors that based on the unaudited
consolidated accounts of the Group for the year ended 31 December 2019, the Group is
expected to record an over 60% decrease in the unaudited consolidated net profit for the year
ended 31 December 2019 as compared to the audited consolidated net profit of
approximately HK$957.2 million for the previous corresponding period ended 31 December
2018. During the 2018 annual period, the Group recorded non-recurring revaluation gains of
approximately HK$700 million, primarily related to the completion of an investment property,
Shanghai Landmark Centre. These gains were not repeated during the 2019 annual period. In
addition, residential sales have decreased compared with the previous corresponding period
ended 31 December 2018 given a slower economy has adversely affected the property
markets and given the Group has a much smaller inventory of residential units available for
sale.
The information contained in this announcement is based on a preliminary assessment on the
unaudited consolidated accounts of the Group for the year ended 31 December 2019 and the
information currently available to the Board..
My Comment : This profit warning is disappointing . I calculate at 38 % of 2018 profit figure, shareholders should be expecting around $360 Mil profit for 2019.
This gives EPS = 70 cents and enough to pay final div of 20 cts.