GRAND MING (01271) issues profit warning, with expected mid-term net profit decreasing by about 50% to 60% year on year.

GRAND MING (01271) announced that it is expected to have a decrease of approximately 50% to 60% in net profit for the current period (six months ended September 30, 2024) compared to the net profit for the six months ended September 30, 2023, which was approximately 1.111 billion Hong Kong dollars. The announcement stated that the decrease in net profit for the current period is mainly attributed to a significant decrease in revaluation gains from investment properties in the current period compared to the same period last year; however, this decrease was partially offset by an increase in underlying profit (defined as net profit after tax excluding fair value changes of investment properties). The increase in underlying profit was mainly driven by an increase in property sales revenue from the property development business.