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Arts Optical Warns of Significant Profit Drop
Arts Optical (01120.HK) warns of profit: it is expected that the comprehensive net profit attributable to the owners of the company in the first half of the year will be significantly reduced.
Arts Optical (01120.HK) announced that for the six-month period ended June 30, 2024, the group expects a substantial decrease in net profit attributable to owners of the company. It is expected to be between HKD 1 million and HKD 10 million during the reporting period, while net profit attributable to owners of the company was about HKD 21.7 million for the same period in 2023. The board of directors believes that the reason for the decrease in net profit attributable to owners of the company is mainly due to the following reasons: Due to the current property market trends in Hong Kong, the group expects to recognize a significant fair value loss of about 40 on investment properties during the reporting period.
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