Metro's HK-listed associate Top Spring warns of wider loss
The losses can be attributed to higher impairments and further fair value losses
Metro Holdings warns that its Hong Kong-listed associate Top Spring International Holdings will see a wider loss for its FY2024.
For the year ended Dec 31 2024, Top Spring, a China-based developer, expects to record a net loss of HK$2 billion, from HK$900 million reported for the preceding FY2023.
Top Spring attributes the wider losses to the impairments of certain investments in associates amounting to some HK$110 million; fair value losses on investment properties at between HK$1.2 billion to HK$1.3 billion instead of fair value gains in the preceding year.
According to Metro's website, as at March 31 2024, it owns 20.48% of Top Spring.
While better known for its chain of department stores, Metro's business today is more in property-related activities. Besides China, Metro has a significant presence in UK, Australia and Indonesia as well.
On Nov 13 2024, Metro reported earnings of $3.3 million for its 1HFY2025 ended Sept 30 2024, versus $8.2 million in the year-earlier period.
Metro Holdings shares closed at 42 cents on March 21, up 1.22% for the day but down 7.78% year to date.
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