Willas-Array has guided that it expects to record a consolidated net profit of between HK$10.5 million ($1.9 million) and HK$17.5 million for the 1HFY2023 ended Sept 30, compared to a consolidated net profit of around HK$43.5 million for the 1HFY2022.
The expected decrease is said to be mainly attributable to an exchange loss of approximately HK$32.0 million arising from the depreciation of the RMB in the 1HFY2023 compared to the lack of significant exchange difference in the same period the year before.
The lower net profit is also said to be due to an increase in finance costs mainly due to the rising weighted average effective interest rate in the 1HFY2023.
Shares in Willas-Array closed flat at 57 cents on Oct 10.
