Summary by Moomoo AI
New World Development Limited ("the Company") announced on August 30, 2024, the financial performance for the year ended June 30, 2024. Based on preliminary review, the Group anticipates a core operating profit of HKD 650 million to HKD 690 million, a decrease of 18% to 23% compared to the previous financial year. The decrease is mainly due to a lack of revenue recognition from major projects in the 2023 financial year. In addition, the Group expects to incur one-off non-cash revaluation or impairment losses, totaling approximately HKD 850 million to HKD 950 million. Together with a one-off loss of HKD 825.7 million from the sale of NWS Holdings shares and other factors, the Company's shareholders are expected to incur a loss of HKD 1.9 billion to HKD 2 billion. The audited full-year performance will be announced in September 2024. The Board of Directors reminds shareholders and potential investors to exercise caution when buying or selling securities.
