Dingyi Group Investment (HKG:0508) expects to report a net loss of about HK$138.2 million for the year ended March 31, compared with a net profit of HK$40 million a year earlier, according to a Friday Hong Kong bourse filing

Shares of the company slipped 10% in Monday afternoon trade.

The loss was mainly driven by a HK$139.5 million write-down on properties, a HK$12.6 million impairment on loans and interest receivables, and a HK$48.1 million decline in gross profit, the company said.

Revenue is projected to fall sharply to HK$279.7 million from HK$862.2 million in the prior year, due to lower property sales in mainland China.