Tan Chong expects unrealised gain of HK$270 million in FY2023

AUTO dealer Tan Chong International said on Tuesday (Jan 9) that it expects to record an unaudited unrealised gain of HK$270 million (S$46 million) on its investments designated at fair value through other comprehensive income, for the year ended Dec 31, 2023.

This is as compared to an audited unrealised loss of HK$222 million for the corresponding period in 2022, said Tan Chong.

The gain is due to share price changes of its listed investments, “which are marked to market and therefore unrealised”.

The unrealised gain will be reported in the group’s other comprehensive income statement for the period.

It is not expected to be reclassified to the group’s consolidated statement of profit or loss.

Tan Chong added that this information has not been confirmed or audited by the company’s auditors, and may be subject to adjustment after further internal review.

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The group’s financial performance is expected to be published before the end of March 2024.

Shares of Tan Chong last closed at HK$1.45 on Jan 5.