Kerry Properties warns of 75pc dive in first half income

Business | 9 Jul 2020 5:30 pm

Kerry Properties (0683) expects first-half net profit to fall by between 70 percent and 75 percent from a year ago.

This is due to falling sales from development properties, income decline from the hotel assets, as well as the absence of revaluation gains, compared with a net gain of HK$452 million in the first half 2019.

This mainly reflects the effect of the adverse market conditions created by the unprecedented coronavirus  pandemic and quarantine and social protective measures in Hong Kong and the mainland, the company said.

Shares of Kerry Properties fell by 1.04 percent to HK$19.94 today, before the profit warning.

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