ITC Properties (00199.HK) announced on June 28 that, as of the end of the fiscal year ending March 31, 2024, the group had sold some inventory of properties in Hong Kong and China. As a result, the income increased by 22.4% to HKD 111,100,000 this year. The Group recorded a net loss attributable to owners of the Company of HKD 644,900,000 this year, while it was HKD 146,900,000 for the previous fiscal year.
The net loss for the current year is mainly due to (i) the full impairment loss of HKD 136.2 million for the equity interest in an associate company that holds a piece of land in Beijing, China directly held by the Group; (ii) the fair value gain on investment properties decreased by HKD 134,000,000 and the impairment loss on commercial properties held by the Group was HKD 46,400,000, both due to the adverse market conditions for commercial properties in Hong Kong; and (iii) there was no one-off gain for this year, and the Group's share of net loss from a joint venture was HKD 78.8 million, while it recorded a net profit of HKD 264,000,000 for the previous fiscal year.