HKR INT'L (00480) issued a profit warning, expecting a mid-term loss attributable to shareholders of approximately HK$475 million, turning from a profit to a loss compared to the previous year.

HKR INT'L (00480) announced that the group is expected to incur a loss attributable to shareholders of approximately HK$475 million for the six months ending on September 30, 2024, compared to a profit of HK$118 million for the same period last year. This is mainly due to: the lack of completion of planned property development projects during the period, resulting in a decrease in property sales revenue and profit contribution; weak sales of completed properties for sale due to cautious market sentiment, leading to a further adjustment in response to the current market conditions, and a provision of approximately HK$128 million for impairment of property development projects held by the group and its joint ventures; and an increase in fair value loss on investment properties held by the group and its joint ventures of approximately HK$322 million due to the unfavorable market conditions for real estate.