Chinese Tang Group (00674.HK) issues profit warning, expecting a loss of approximately HK$70 million to HK$75 million for the year.

Zhixin Finance APP News, China Tangshang (00674.HK) announced that the group is expected to incur a loss of approximately 70-75 million Hong Kong dollars for the financial year ending on March 31, 2025, while the group incurred a loss of approximately 1.135 billion Hong Kong dollars for the financial year ending on March 31, 2024. Based on the information currently available, the board of directors believes that the above situation is mainly due to the following reasons: the continued downturn in the Chinese real estate development market and subleasing investment market, low income and gross profit margin of the group's real estate projects, which were carried over to the reporting period; impairment provisions made for certain assets by the group; and changes in the fair value of investment properties.