NEW CENTURY GP (00234) issues profit warning, expecting the company's mid-term owner's loss not to exceed HK$6 million compared to a profit in the same period last year.

NEW CENTURY GP (00234) announced that the group expects a loss attributable to owners of the company of no more than 6 million Hong Kong dollars for the six months ended September 30, 2024, compared to a profit attributable to owners of the company of approximately 26 million Hong Kong dollars for the same period last year. The announcement stated that the expected performance turnaround from a profit to a loss was mainly due to the following factors: - Fair value loss on the group's investment properties (2023: fair value gain) - Increase in impairment provisions for mortgage loans collateral assets and impairment provisions for receivables and interest - Realization of gains from the sale of subsidiary companies in the previous period Some of the above factors were offset by the improvement in performance from loss to profit in the securities trading business.