2 stories mentioning HKG:1172Updated 39d ago
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Magnus Concordia Group (HKG:1172) expects an attributable profit of at least HK$45 million for the year ended March 31, compared with an attributable loss of HK$85 million a year prior, according to a Thursday Hong Kong bourse filing.The property developer attributed the forecast to the recognition of a gain on the disposal of its units holding a property project in Sichuan Province, China.
Magnus Concordia Group (HKG:1172) said it was evaluating two offers for its investment properties in Hong Kong, according to a Hong Kong bourse filing Friday.Shares of the property developer jumped 10% in morning trade Monday.The two properties in question are pledged as security for the group's borrowings, and Magnus Concordia said it had received the lender's consent to dispose the investments should a definitive agreement materialize.Meanwhile, the company has repaid HK$23 million in borrowings as scheduled on April 1, and continued to owe HK$65 million. Following negotiations, the company secured an extension to the loan facility for a further 2.5 years.
