LHN Limited  warns of lower profits for FY23

The company expects a net profit before tax of $40m.

LHN Limited expects to record a lower net profit before tax from “continuing operations plus profit from discontinued operations” for FY23.

LHN said its FY23 profit will likely come at no less than $40m, a drop from the $52.5m record in FY22.

In a bourse filing, LHN Limited said its lower profit for the period arises mainly from its Space Optimisation Businesses “due to estimated net fair value loss on the group’s investment properties and joint ventures’ investment properties in FY2023 as compared to net fair value gain in FY2022.”

LHN Limited, however, said its profit warning is only based on a preliminary assessment by the Board on information currently available.

“It may be subject to further adjustments and finalisation upon further review by the external auditors of the Company and the Board,” the company said.