Weili Construction (00519) announced annual results. Shareholders' losses of HK$50.07 million increased 16.47% year-on-year

According to the Zhitong Finance App, Power Construction Industry (00519) announced the results for the year ended June 30, 2024. The group achieved revenue of HK$41.057 million, a year-on-year decrease of 56.17%; losses attributable to the owners of the company were HK$506.07 million, an increase of 16.47% over the previous year; and a loss of 1.76 HK cents per share.

According to the announcement, the loss was mainly due to the net effect of the lawsuit provision of HK$43.31 million; a net decrease in the fair value of financial assets recorded as profit and loss at fair value of HK$14.636 million; and the net increase in the fair value of investment properties of HK$26.243 million.