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ITC Properties forecasts significant drop in net profit for year ended March 31

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ITC Properties forecasts significant drop in net profit for year ended March 31

ITC Properties Group Ltd. is anticipating its net profit for the financial year ended March 31 to decline significantly compared to the figure logged a year ago.

The Hong Kong-headquartered property developer is attributing the expected decrease to the substantial drop in share of profits of an associate of the company during the reporting year because of the delay in delivering the presold units of its residential project.

The company expects to publish the annual results of the group before June 30, according to a filing.