According to Gemdale's Feb 14 statement to the Hong Kong Exchange, it expects to incur a loss of between RMB4.2 billion and RMB4.8 billion for its FY2024.
Gemdale attributes the poorer showing to lower margins from development projects; decrease in share of profits from projects and a "substantial increase" in impairment losses for properties under development and held for sale.
This means OUE's share of losses from Gemdale will be between $195 million and $223 million.
OUE says its overall net fair value losses on its investment properties will be around $79 million compared to an overall net fair value loss of $24 million recorded for FY2023.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
OUE shares closed at $1 on Feb 14, down 7.41% in the past 12 months.
