Summary by Futu AI
YUEXIU PROPERTY has issued a profit warning, expecting that profit attributable to equity holders in the fiscal year 2024 will decline by approximately 65% to 70% year-on-year, and core net profit is expected to decrease by about 50% to 55% year-on-year. The decrease in performance is mainly influenced by the ongoing adjustments in the Real Estate market, with a pre-tax impairment provision of approximately RMB 2.27 billion for properties under development and properties held for sale, an additional pre-tax impairment provision of approximately RMB 1.39 billion for properties, plants and equipment, and right-of-use assets, as well as a pre-tax net value loss of approximately RMB 0.73 billion recorded for commercial properties. Nonetheless, the group achieved contract sales of approximately...Show More
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