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NANYANG HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
(Stock Code: 212)
PROFIT WARNING
This announcement is made by Nanyang Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong).
Based on the information currently available to the Company and preliminary assessment of the latest unaudited consolidated management accounts of the Group, the Board of Directors of the Company (the "Board") wish to advise shareholders and investors that the Group's profit attributable to equity holders for the six months ended 30 June 2020 is anticipated to decline by more than 60% as compared to that for the corresponding period in 2019. The decrease is mainly attributable to the decrease in fair value of investment properties and financial assets at fair value through profit or loss for the six months ended 30 June 2020, as compared to the increase in fair value of investment properties and financial assets at fair value through profit or loss in the corresponding period in 2019.
In addition, the Group's other comprehensive income has recorded a decrease for the six months ended 30 June 2020 as compared to an increase in the corresponding period in 2019, as a result of the decrease in the fair value of the financial assets at fair value through other comprehensive income.
The Company is still in the course of completing its consolidated financial results for the six months ended 30 June 2020. The information contained in this announcement is only a preliminary assessment by the Board based on information currently available to it, which was neither reviewed nor audited by the Company's auditors. The above information may be subject to further adjustments. The Group's results for the six months ended 30 June 2020 are expected to be published in late August of 2020.
Shareholders and investors are advised to exercise caution when dealing in the shares of the Company.
By Order of the Board
Lee Sheung Yee
Company Secretary
Hong Kong, 20 August 2020
As at the date of this announcement, the Board comprises seven Directors as follows:-
Executive Directors: | Independent Non-Executive Directors: |
Hung Ching Yung, JP (Managing Director) | Rudolf Bischof (Chairman) |
Lincoln C. K. Yung, JP, FHKIB (Deputy Managing Director) | Robert T. T. Sze |
Jennie Chen (Financial Controller) | Wong Chi Kwong Patrick |
Non-Executive Director: | |
John Con-sing Yung |