[ET Net News Agency, 11 June 2021] Chinney Investments, Limited (00216) said the group
is expected to record a profit attributable to owners of the company of around HK$60
million for the year ended 31 March 2021, as compared to the loss attributable to owners
of the company of approximately HK$45.4 million for the year ended 31 March 2020.
It was primarily due to (1) the increase in the group's revenue generated from the
property sales of the residential project in Nanhai, mainland China, resulting in a
comparatively increase in property sales profit contribution for the year ended 31 March
2021 as compared with last corresponding year; and (2) the lower fair value losses
recorded arising from revaluations of the group's investment properties as at 31 March
2021 as compared with the fair value losses on investment properties of approximately
HK$229 million in the last corresponding year. Owing to the outbreak of COVID-19 in early
2020, the commercial property market in Hong Kong and mainland China was adversely
affected and experienced a drop in rental return and market value. (RC)