New World Department Store Forecasts Swing to Profit in Fiscal H1; Shares Leap 7%

MT Newswires · 02/08/2022 14:11

01:05 AM EST, 02/08/2022 (MT Newswires) -- New World Department Store China (HKG:0825) expects to record profit attributable to its shareholders of HK$40 million ($5.1 million) in the fiscal six months ended Dec. 31, 2021, from a loss of HK$203.9 million in the prior-year period, according to a late Monday filing.

The department store operator attributed the upbeat forecast to lower impairment loss on certain assets and a net gain on derecognition of lease liabilities and right-of-use assets as it downsized and closed some department stores for the reported period.

Shares jumped nearly 7% recently.

Price (HKD): $1.29, Change: $+0.08, Percent Change: +6.61%

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