HK Stock Market Move | CHINA CINDA (01359) falls over 5% after profit warning, expecting a year-on-year decline in net profit attributable to shareholders of 60% to 70% in the first half of the year.

CHINA CINDA (01359) dropped over 5% after issuing a profit warning. As of the time of publication, it was down 5.03%, trading at HKD 0.945, with a trading volume of HKD 66.6789 million. In the news, CHINA CINDA announced that it expects a net profit decline of 20% to 25% year-on-year for the first half of the year, with attributable net profit expected to decrease by 60% to 70% year-on-year. The decline in net profit is mainly due to changes in deferred income tax expenses and an increase in taxable income during the period. The main reason for the drop in attributable net profit is that Cinda Real Estate is expected to significantly reduce its losses year-on-year in the first half of this year, resulting in a substantial decrease in losses attributable to non-controlling interests.