Shenzhen Expressway (HKG:0548, SHA:600548) expects to record a net profit attributable to shareholders of between 1.16 billion yuan and 1.40 billion yuan in 2024, down 40% to 50% year on year, according to a Hong Kong Stock Exchange disclosure on Jan. 24.

The expressway company said the forecast was made after recognizing investment income in 2023 due to the delivery of commercial housing in the Meilin Checkpoint Renewal Project developed by the company's joint venture, United Land.

Investment income and operating profit were also anticipated to decrease in 2024 following adverse weather in regions where operating projects were located, toll-free during holidays and increased special maintenance costs.

The company's Hong Kong shares slumped less than 7% and Shanghai shares fell less than 2% in recent trade.