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Chinese Estates issues profit warning, expects up to 70% YOY revenue decline

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Chinese Estates issues profit warning, expects up to 70% YOY revenue decline

For the six months ended June 30, Chinese Estates Holdings Ltd. expects revenue to decline 60% to 70% and profit to slide down 8% to 18% year over year.

According to its profit warning, some of the reasons for the expected declines are the disposal of properties in February, a decline in sales of trading properties and gain on fair value changes on investment properties.

In the six months to June 30, 2016, the company's revenue was about HK$1.95 billion and net profit attributable to owners of the company was HK$2.93 billion.