Tiger Brokers

BUZZ-HK-listed New World Development drops as FY net loss widens

Reuters
Sep 29
BUZZ-HK-listed <a href="https://laohu8.com/S/NWC.AU">New World</a> Development drops as FY net loss widens

** Shares of New World Development 0017.HK fall 10.8% to HK$6.99, on track for biggest one-day pct drop since April 7

** Stock second-biggest pct loser on Hang Seng Composite Index tracking properties and construction stocks .HSCIPC, which climbs 1.3%

** New World Development says its net loss from continuing operations for fiscal year ended in June amounted to HK$16.3 bln ($2.10 bln) compared with HK$11.8 bln loss a year ago

** Says group's top priority is to prioritise cash flow and reduce overall indebtedness via measures including accelerating property sales, expediting asset disposal plan, and temporary halting stock dividend payments

** YTD, stock up 48.6%, Hang Seng Property Index .HSNP up 22.8%

($1 = 7.7804 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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