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<Warning>SHIMAO GROUP Estimates Last Yr's Loss to Widen to RMB43.9B Max.
Recommend 10 Positive 9 Negative 20 |
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SHIMAO GROUP (00813.HK) has issued a profit warning forecasting that it would record a net loss of around RMB42.9-43.9 billion for the year ended December 2024, compared with a net loss of around RMB23.6 billion for the same period in 2023. The group attributed the expected widening in the loss to the continued downturn in the real estate industry, which resulted in a low gross profit margin and an increase in the provision for impairment loss on property projects; and the court order for enforcement of certain assets to pay off the debts, which resulted in the recognition of a substantial loss on settlement of debts during the period. AAStocks Financial News |
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