KOWLOON DEV (00034) issues profit warning, expecting annual net profit attributable to shareholders to decrease significantly by 60%-70% compared to the previous year.

KOWLOON DEV (00034) announced that the Group's profit attributable to shareholders for the year ending December 31, 2024 is expected to decrease moderately by 15% to 25% compared to the same period in 2023. This is mainly due to an increase in impairment losses on the Group's property development projects in 2024, as well as a one-off cost reversal from a completed project in 2023, which has been partially offset by increased sales recognition of the 2024 property development projects. Additionally, the Group's profit attributable to shareholders for the year ending December 31, 2024 is expected to decrease significantly by 60% to 70% compared to the same period in 2023, mainly due to an increase in revaluation losses on investment properties.