Chinese Estates net falls

Business | Tracy Hu 9 Feb 2018

Chinese Estates Holdings (0127) yesterday said it expects its 2017 profit to fall by up to 47 percent year on year due primarily to the disposal of certain subsidiaries and a decrease in the sale of trading properties.

The property developer also expects its revenue last year to decline in the range of 55 percent to 65 percent, it said in a profit warning via the stock exchange.

In 2016, the company recorded a net profit of HK$6.36 billion on revenue of HK$3.75 billion.

The developer also said its total comprehensive income must have risen by 383 percent from HK$3.42 billion in 2016, with a realized gain of HK$2.1 billion from the sale of Shengjing Bank (2066) shares and an unrealized gain from China Evergrande (3333) shares of about HK$9.9 billion.

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