Merrill cuts expectation of New World Dev FY 2001 core profit down 32%

Merrill Lynch estimates that New World Development's (0017) core profit fell 32 percent for the full year ended June, after adjusting for write-offs, write-backs and one-off items. Merrill Lynch expects NWD to post a net income of HK$2.13 billion for the year ended 2002, including the HK$1.5 billion gain from hotel sale, compared with HK$221 million for the year ended 2001.

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