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MTR CORPORATION (00066.HK) issued a profit warning, expecting the Group to report a net loss of around HK$4.8 billion (representing the midpoint of the estimated loss range of between HK$4.6 billion and HK$5.0 billion) for the year ended 31 December 2020, compared to a net profit of HK$11.9 billion for the year ended 31 December 2019.
The expected net loss is mainly due to the significant adverse impact of the on-going COVID-19 pandemic and the deterioration of the general economic environment on the Group’s Recurrent Businesses (in Hong Kong and elsewhere); the revaluation loss on the Group’s investment property portfolio, being a non-cash accounting item; and a provision of HK$1.4 billion made by the Group in respect of the Shatin to Central Link project.
The Board is of the view that the overall financial position of the Group remains sound when taking into account the rail and property businesses of the Group as a whole.
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