[ET Net News Agency, 18 June 2021] Asia Resources Holdings Limited (00899) said the
group expects to record a profit of not less than HK$85 million for the year ended 31
March 2021, as compared to the loss of approximately HK$354.9 million for the
corresponding year in 2020.
It was mainly attributable to (i) the change from gross loss to gross profit on the
sales of properties located in Dalian, the PRC; (ii) the interest income receivable by the
group relating to the termination of acquisition of properties located in Shenyang, the
PRC; (iii) the currency exchange gains on the monetary assets and liabilities denominated
in Renminbi resulting from the appreciation of Renminbi in the reporting year, in contrast
with the currency exchange losses on the corresponding monetary assets and liabilities
resulting from the depreciation of Renminbi in the previous year; (iv) the absence of
significant impairment losses on assets and the recording of a reversal of impairment loss
on deposits paid resulting from the increase in fair value of an underlying property
investment in the PRC in the reporting year, in contrast with the significant impairment
losses on certain assets due to the decrease in their fair values in the previous year;
and (v) the gain from change in fair value of investment properties. (RC)