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Hong Kong stocks anomaly | Minmetals Land (00230) plummeted by 26% in intraday trading, and it is expected to turn from profit to a loss of about 1 billion Hong Kong dollars in the first half of the year.
Minmetals Land (00230) fell sharply by 26% during trading, and as of the time of writing, fell by 19.12% to HK$0.275, with a turnover of HK$1.5954 million.
Minmetals Land (00230.HK) is expected to have a net loss of about 1 billion Hong Kong dollars in the first half of the year.
Minmetals Land (00230.HK) announced on August 16 that the group expects to record a net loss of approximately 1 billion Hong Kong dollars attributable to shareholders of the company for the six months ending on June 30, 2024 (a net profit of approximately 0.112 billion Hong Kong dollars attributable to shareholders of the company for the six months ending on June 30, 2023). The expected loss is due to (i) a significant decrease in revenue from real estate development business; (ii) a significant decrease in gross margin of real estate development business; and (iii) provisions for inventory impairment recognized and impairment loss recognized based on expected credit loss model during the six months ending on June 30, 2024.
Express News | Minmetals Land Ltd - Expected Result Due to Substantial Reduction in Revenue of Real Estate Development Business, Others
Express News | Minmetals Land Ltd Sees Loss Attributable HK$1,000 Mln for Six Months
PROFIT WARNING
Minmetals Land Limited Schedules Key Board Meeting
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