Hon Kwok Land Investment Company, Limited provided consolidated earnings guidance for the year ended 31 March 2024. For the year, the Group's profit attributable to owners of the Company is expected to be less than HKD 10 million, as compared to the profit attributable to owners of the Company of approximately HKD 153.4 million for the year ended 31 March 2023. The Board considers that the expected decrease in profit was mainly due to: The fair value losses of approximately HKD 140 million arising from the revaluation of the Group's investment properties as at 31 March 2024 as compared to the fair value gain of HKD 43.0 million on investment properties in the last corresponding year.

Such fair value losses are non-cash in nature and will not affect the overall financial position of the Group. Increase in finance costs of the Group which was primarily due to the rapid increase in bank borrowing interest rates in Hong Kong.