BaoDe International Development (00372) issues profit warning, expecting to incur a loss of approximately 209 million Hong Kong dollars for the year.

According to the report on the Zhitong Financial APP, Baode International Development (00372) announced that compared to a loss of approximately HK$89 million for the year ended March 31, 2024, the group expects to incur a loss of not less than approximately HK$209 million for the fiscal year 2025. This is mainly due to (a) the unrealized fair value loss on the group's investment in AFC Mercury Fund in the fiscal year 2025, while the group recorded unrealized fair value gains on its investment in AFC Mercury Fund for the year ended March 31, 2024; and (b) impairment losses on properties, factories, equipment, and the right of use assets related to ports and related services in the oil and chemical products sector.