Summary by Moomoo AI
On June 14, 2024, Far East Hotels Group ("FE Hotels") issued a profit warning, predicting a net loss of approximately HK$33 million for the fiscal year ending March 31, 2024, compared to a net loss of HK$8 million in the same period in 2023. The increase in losses was primarily due to a significant decrease in the fair value of investment properties in Hong Kong, as well as an increase in legal and professional expenses related to the Beijing serviced property and Kowloon Station projects. FE Hotels noted that these figures are only preliminary estimates and will be subject to further review by independent auditors. The company will announce detailed annual performance by the end of June 2024 and reminds shareholders and potential investors to exercise caution when trading shares.
