New World Development warns of $19b to $20b loss for FY 2024

The group cited asset impairments, losses, and higher interest rates for the decline.

New World Development Company Limited warned of a $19b to $20b loss attributable to shareholders for FY 2024.

The company cited asset impairment, losses, investments, and higher interest rates for the decline.

It also expects its core profit to decline by around 18% YoY to 23% YoY to $6.5b to $6.9b.

The company said the lack of revenue recognition from major projects, including the Pavilia Farm I & II, affected its core profit.

Meanwhile, New World also recorded a one-time and non-cash loss of $8.3b in FY2024 due to its disposal of all its shares in NWS Holdings Limited and the adoption of Hong Kong Financial Reporting Standard 17.

The company is finalising its audited results and will disclose further details in September.