On March 11 | WAI KEE HOLD (00610.HK) issued an announcement. Based on the company's preliminary review of the Group's estimated performance of the Group's unaudited consolidated management accounts for the year ended 2023 (which did not include the impact (if any) of the impairment assessment of the overall book value of the Group's Hong Kong-listed affiliate, Lujin Infrastructure Limited, as of 31 December 2023), the company's owners are expected to account for an unaudited consolidated loss of approximately HK$1,550,000,000 to 1,700,000,000 Hong Kong dollars. The audited consolidated loss attributable to the owners of the company in the previous year was HK$7,000,000.
The Group's unaudited comprehensive loss for the year ended 2023 increased significantly, and most of it was due to the significant increase in unaudited consolidated losses due to the amortization of the year ended 2023.
In addition to the impact of Lu Jin's results, the Group expects a slight decline in its performance for the year ended 2023. This is the net effect of (i) an increase in profit contributions from the company's Hong Kong listed subsidiary Niche Holdings Limited for the year ended 2023, which is in line with improvements in operating performance reported earlier in that fiscal year; (ii) the net profit increase in the Group's Construction Materials Division for the year ended 2023 was offset by the net profit margin of the Group's Mining Division for the year ended 2023; (iii) the Group's share capital securities for the year ended 2023 Investments in debt securities (excluding investments held by niche companies) confirmed an increase in net losses; (iv) the Group's participation rights (32.5% of the economic interest in a Guangzhou, China property development project, which is 70% of Lu Jin's interest) recorded losses in fair value changes for the year ended 2023; and (v) the Group did not share the profits of the two US joint venture companies for the year ended 2022. The two joint venture companies held two US residential rental properties.