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GR Properties expects FY'17 net loss to decrease 5% YOY

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GR Properties expects FY'17 net loss to decrease 5% YOY

GR Properties Ltd. is forecasting its consolidate net loss for the year ended Dec. 31, 2017, to decrease year over year by approximately 5%, as the company expects to restate its 2016 consolidated net loss to about HK$65.4 million from roughly HK$36.8 million.

The Hong Kong-based real estate company is anticipating to restate its 2016 net loss following the acquisition of Wholly Express Ltd., which completed Aug. 31, 2017. The acquired group's financial results were consolidated into GR's financial statement for the year ended Dec. 31, 2016, under a Hong Kong accounting guideline.

The company is attributing the net loss from its acquisition of Wholly Express and after recognizing the fair value loss in its Boundary House property in the U.K., which it picked up from Picton Property Income Ltd. in September 2016.