Summary by Futu AI
Fusion China issued a profit warning on March 21, 2024, anticipating that its unaudited consolidated management accounts for the year ended December 31, 2023 showed that the company's owners would account for a loss of between RMB70 billion and RMB 90 billion. This expected loss is down from about RMB276.7 billion for the same period in 2022, mainly due to the company's completion of overseas debt restructuring and other business gains. However, after excluding these one-time gains, the Company's losses were primarily due to continued weakness in the real estate market, resulting in operating losses in the property sales business, as well as losses due to depreciation provisions for certain assets and property projects and changes in the fair value of investment properties. THE COMPANY EMPHASIZES THAT THESE DATA ARE ONLY PRELIMINARY REVIEW RESULTS AND HAVE NOT BEEN AUDITED OR REVIEWED BY AUDITORS OR AUDIT COMMITTEES. ACTUAL RESULTS MAY DIFFER FROM THE FORECAST DATA. The Company will publish full annual results on or before the end of March 2024.