Tan Chong expects to swing into profit of HK$60m for H1 from HK$46 million loss
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AUTO dealer Tan Chong International sees an after-tax profit of HK$60 million (S$10.5 million) for the half-year ended June, swinging from a HK$46 million loss for the corresponding period a year ago.
In its guidance statement filed to the Stock Exchange of Hong Kong where it is listed, Tan Chong International also flagged a possible unaudited unrealised loss on its investments designated as at fair value through other comprehensive income.
The company issued such guidance after a preliminary review of its interim financial results that are not complete, it said in the statement on Thursday.
The company had disposed of a surplus property in Singapore, and the gains had improved its bottom line "substantially".
In contrast, the company said its listed investments would be expected to chalk up HK$1.4 million in marked-to-market unrealised loss due to share price changes. But its unrealised loss was HK$398 million for the corresponding six months period in 2020.
The company will report this loss in the group's other comprehensive income statement, and it is not expected to be reclassified to its consolidated statement of profit or loss when it publishes its financial results by end of August.
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The counter ended unchanged at HK$2.04 on Thursday, before the profit guidance was issued.
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