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China Oceanwide issues profit warning ahead of FY'17 results

China Oceanwide Holdings Ltd. issued a profit warning to shareholders March 2 that, based on the company's unaudited management accounts for 2017, the company is expected to record a "significant decline" in consolidated profit attributable to shareholders, compared with consolidated profit of HK$136.2 million in 2016.

The company attributed the "expected decline" largely to a drop in net gain, after tax and noncontrolling interests, to approximately HK$29.2 million during 2017 from approximately HK$95.1 million in 2016.

China Oceanwide is still finalizing its results, which will be presented March 29.