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2020-06-12 14:55:06
HON KWOK LAND (00160) sees to swing to loss in FY20

(Infocast News) Hon Kwok Land Investment Company, Limited (00160) is expecting to record a net loss of HK$50 million for the year ended 31 March 2020 as compared to the net profit of HK$1,158.5 million for the prior year.

Such expected loss was primarily due to the expected fair value losses arising from revaluations of the group’s investment properties as at 31 March 2020 based on draft valuation reports perpared by the independent professional valuer, owing to the property market decline caused by the social unrest in Hong Kong and the outbreak of coronavirus (COVID-19) pandemic in early 2020; and the considerable decrease in the group’s revenue generated from the property sales due to the completion of the residential project in Guangzhou, Mainland China in prior years when most of the property units were delivered to customers and recognised as revenue, resulting in a comparatively decrease in property sales contribution for the year ended 31 March 2020.

(WL)