asia allied inf (00711.HK) announced that the company expects a net loss of not more than 270,000,000 Hong Kong dollars for the six months ending September 30, 2024, while the group recorded a shareholder net profit of approximately 68,000,000 Hong Kong dollars for the six months ending September 30, 2023.
This turn from profit to loss is mainly due to (1) the group's cautious reassessment during this period, as the recovery of certain projects in the group is uncertain, so the projects' contract assets are written off. This is a non-cash accounting treatment under Hong Kong Financial Reporting Standards; and (2) due to the group's strategic policy to optimize asset utilization and improve operational efficiency, the cash proceeds from the sale of leased land in the same period last year.
