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Value Partners Group expects lower H1 profit due to investment losses

Value PartnersGroup Ltd. expects a significant year-over-year decline in profitfor the first half ended June 30 due to a substantial reduction in performancefee income and net fair value losses.

The company said July 8 that it expects to post consolidatedfirst-half profit attributable to owners of up to HK$5 million, compared to aprofit of HK$445.7 million in the prior-year period.

Operating profit before other gains or losses is forecast ataround HK$110 million, compared to HK$361.7 million in the prior-year period.

Value Partners said the expected decline is due to lowerperformance fee income as returns of most of the relevant funds undermanagement did not exceed their previous benchmarks. In addition, the groupposted net fair value losses in its investments due to the weak China-relatedstock markets in the first half. The losses totaled HK$90 million, compared toa gain of HK$126.0 million in the prior-year period.