HONG KONG (Yosefardi) – Lippo Limited estimates that the Group is likely to record a loss for the fifteen months ended 31st March, 2013 as compared to the profit recorded for the twelve months ended 31st December, 2011 based on information currently available to the Company.
During the year ended 31st December, 2011, the Group’s share of results of associates was approximately HK$1,126 million which was mainly attributable to the fair value gain of a property held by an associate which was completed in that year and the share of profit recognized from the sale of properties by another associate.
However, during the current reporting period, neither the Group nor its associates had any fair value gain arisen from completion of their property projects, and less profit was recognized from the sale of properties and higher finance costs were incurred by the associates.
The Company expects to announce its audited consolidated final results for the fifteen months ended 31st March, 2013 on or about 27th June, 2013.