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Wang On Group, Wang On Properties forecast YOY growth in consolidated profit

Wang On Group Ltd. and its Wang On Properties Ltd. subsidiary are both expecting increases in their consolidated profit attributable to the owners of their respective parents for the year ended March 31.

The parent Wang On Group is anticipating a year-over-year increase of at least 100% in the metric. It said the bullish forecast is largely attributable to gains from its divestment of partial shareholdings in indirectly held non-wholly owned property development subsidiaries.

Meanwhile, Wang On Properties is forecasting annual growth of not less than 40x in its consolidated profit. Gains from disposal of partial shareholdings in property development units and hikes in turnover contribution from a completed property development project are among the reasons cited for the positive profit alert.

Both of the companies' financial results for the reporting period are expected to be released within June, according to separate filings.