Vongroup Limited Issues Profit Warning: Expects Significant Decrease in Annual Profit Due to Property Valuation Decline
Reuters
Jul 30
Vongroup Limited Issues Profit Warning: Expects Significant Decrease in Annual Profit Due to Property Valuation Decline
Vongroup Limited has issued a profit warning, indicating that the company anticipates a decrease in profit for the year ended 30 April 2025. Based on a preliminary review of draft property valuations and unaudited management accounts, the company expects to record a profit attributable to its owners of between HK$10 million and HK$12 million. This is a significant drop compared to the approximately HK$21.1 million profit recorded in the previous year. The decline is primarily attributed to a non-cash accounting treatment reflecting a decrease in the fair value of the company's investment properties by approximately HK$17 million to HK$18 million, largely due to a weak property market. Despite this, Vongroup Limited does not anticipate any material impact on its cashflow or operations. Shareholders and potential investors are advised to exercise caution and consider seeking independent financial advice.
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