Grand Ming Group warns of significant net loss

Grand Ming Group Holdings Limited (HKEX: 1271) has issued a profit warning, projecting a net loss of between HKD280 million and HKD310 million for the fiscal year ending March 31, 2025. This contrasts sharply with the net profit of approximately HKD298.5 million recorded for the year ended March 31, 2024. The projected loss is primarily attributed to impairment losses net of deferred tax of approximately HKD210 million to HKD240 million on properties under development, completed properties held for sale and properties held for own use due to unfavourable property market conditions in Hong Kong, as well as net unrealised fair value loss on investment properties and investment properties under development of approximately HKD110 million to HKD140 million. The company's final audited results for the year will be disclosed in the annual results announcement, expected on June 30, 2025. Shareholders and potential investors are advised to exercise caution when dealing in the company's shares.