New World Development (NWWDF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Friends from the investment sector, greetings. Welcome to New World Development Company Limited's FY 2024 Annual Presentation Online Analyst Briefing. I am Patrick Chong, Head of Investors Relations, the moderator for this session. Now let me introduce to you our management in attendance. They are New World Development Non-Executive Vice Chairman, Dr. Adrian Chang, New World Development CEO, Mr. Eric Ma, New World Development New World China CEO, Ms. Echo Wong, New World Development CFO, Mr. Edward Lau. If you have any questions, please feel free to type your questions into the chat box on webcast. I will read out your questions. Now I will pass the floor to Adrian. Right. Regarding FY 2024 results, I would like to clarify a point. Please do not misunderstand that we have lost $20 billion of cash. Actually, we noticed that in the market, there are many people who have aroused a lot of misconception. The main reason is that in the first half of the year, we sold... 8 billion non-cash loss of NWS and there is 9.2 billion property non-cash impairment and provisioning. So if we only look at our operating profits, core operating profit, it's 6.9 billion. We're only down 18%. Later on, Eric will elaborate. Now, I would like to spend some time to talk about my move in the next stage. In the past 10-odd years, thank you so much, all of you investors. Thank you for your support. In the past 10-odd years, New World could grow strongly thanks to all investors' support. I joined New World Development in 2007. I have been the joint general manager, and later on I was appointed as executive vice chairman and CEO. All along, I have been working very closely with various levels of the company together with our team. I did a lot of talent development, brand building, administrative m...