Summary by Futu AI
Shimao Group's subsidiary, Shanghai Shimao Co., Ltd., has announced the unaudited financial performance for the six months ended June 30, 2024. During this period, Shanghai Shimao recorded revenue of approximately 26.69 billion RMB. However, due to significant credit impairment losses and asset impairment losses, the operating loss reached approximately 42.98 billion RMB. The net loss further widened to approximately 49.73 billion RMB, significantly higher than the net loss of approximately 4.09 billion RMB in the same period last year. The basic and diluted loss per share were both 1.10 RMB. In addition, Shanghai Shimao's total assets decreased from approximately 122.578 billion RMB at the end of 2023 to approximately 108.523 billion RMB, while shareholder equity decreased from approximately 17.73 billion RMB to approximately 12.774 billion RMB. Details of this financial performance have been published on the National Equities Exchange and Quotations (NEEQ) website. The announcement was made by the board of directors on behalf of Shimao Group's Vice Chairman and President Hsu Shitan on August 29, 2024.
