China PPT inv (00736) announced its annual performance as of March 31, 2024, revenue of HKD 66.393 million, a decrease of 2.73% year-on-year; a net loss of approximately HKD 131 million, an increase of 128.78% year-on-year; a loss per share of 49 HK cents.
The announcement stated that the decrease in revenue was mainly due to the government's purchase of land in the area where one of the group's investment properties is located, resulting in a decrease in rental income. The loss is mainly attributed to the expected credit loss of accounts receivable, interest income from lending business, trade and other receivables, as well as the valuation loss of investment properties, which are HKD 38.03 million and HKD 7.87 million, respectively. The government's purchase of land resulted in a one-time loss of HKD 57.05 million.
