Hong Kong Industrial International (0480.HK) opened low today and finally closed down 8.08% to HK$0.91, with the latest market capitalization of HK$1.35 billion. HKR International announced yesterday evening that the Group expects to record a loss attributable to the company's shareholders of about HK$0.475 billion for the six months ending September 30, 2024, and a profit of HK$0.118 billion for the same period last year. This is mainly due to: i) property sales revenue and profit contributions decreased due to prudent market conditions and weak sales of completed properties for sale, which were further lowered in response to current market conditions, and asset impairment provisions of about HK$0.128 billion were made for property development projects held by the Group and its joint ventures; and ii) due to current market conditions that are unfavorable to real estate, resulting in an increase of about HK$0.322 billion in losses due to changes in the fair value of investment properties held by the Group and its joint ventures. (Gelonghui)
