Hanison (00896.HK) announced that it is expected to record a net loss between HK$0.19 billion and HK$0.2 billion for the six months ending September 30, 2024, compared to a net loss of HK$0.108 billion for the six months ending September 30, 2023.
The expected net loss is mainly due to high interest rates and a downturn in the property market, resulting in an estimated net loss of approximately HK$0.1899 billion for the properties held by the Group and joint ventures, along with interest expenses of about HK$26.2 million. The net loss in property valuation held by the Group and joint ventures is recognized during this period through fair value changes in investment properties, impairment loss provisions for loans in expected credit loss model of joint ventures, and share of joint ventures' performance.
