Hong Kong-listed property developer Lippo Ltd. says its net profit for the six months ended September 30 this year will be negatively affected by an unrealised fair value loss. The developer said in a profit warning to Hong Kong Stock Exchange on Friday that its financial instruments at fair value through profit or loss would record an unrealised net fair value loss of approximately HK$186 million compared to the net fair value gain of HK$14 million one year ago. ‘Such unrealised fair value loss was mainly attributable to the substantial downturn in the global stock markets in the third quarter of 2015. The Board expects that such unrealised fair value loss would have a negative impact on the consolidated interim results of the Group for the six months ended 30th September,’ the company wrote. According to the filing, Lippo’s interim results will be announced in late November. For its last fiscal year ended March 31, the property developer’s net profit jumped 392.3 per cent year-on-year, totalling HK$522.2 million from HK$112.2 million in 2013.
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