Summary by Moomoo AI
Country Garden Services Holdings Limited (“Country Garden Services”) issued a profit warning announcing financial results for the twelve months ended December 31, 2023. According to preliminary estimates, the Company's unaudited consolidated revenue was approximately RMB42,400.7 million to RMB42,814.4 million, a year-on-year increase of approximately 2.5% to 3.5%. Net profit for the unaudited consolidated period was approximately RMB452.3 million to $576.6 million, down approximately 74.5% to 80% from the same period last year. Unaudited net profit attributable to the Company's shareholders was approximately RMB213.8 million to $340.1 million, down approximately 82.5% to 89%. Core net profit is forecast to fall by about 21% to 23.5% to RMB3,842.1 million to RMB3,967.6 million. The decrease was mainly due to the provision for impairment of related trade receivables, a decrease in the gross profit margin of the business and the delay in confirming customer income for higher credit risks. The company will announce detailed annual results in late March 2024.