Summary by Moomoo AI
SIHAI INTERNATIONAL HOLDINGS LIMITED (“SIHAI INTERNATIONAL”) ISSUED A PROFIT WARNING AND FORECAST A NET LOSS FOR THE YEAR ENDED DECEMBER 31, 2023. The loss contrasts sharply with the net profit of HK$4,000,000 recorded in the previous financial year. Sichai International pointed out that the weak property market in Mainland China was the main reason for the decline in earnings, particularly in the two integrated development projects in Chengdu and Tianjin, a significant drop in profit from property sales. In addition, due to the continued decline in overall property prices, the Company incurred a depreciation loss of approximately HK$172 million on some properties for sale and development. After comprehensive financing costs, administrative expenses and tax charges, shareholders are expected to incur a loss of approximately HK$372,000,000. SICHAI INTERNATIONAL STRESSED THAT THIS EXPECTED NET LOSS FIGURE IS BASED ON UNAUDITED CONSOLIDATED MANAGEMENT ACCOUNTS, WHILE THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS ARE STILL BEING PREPARED AND WILL BE RELEASED ON 27 MARCH 2024. The Company reminds shareholders and potential investors to exercise caution when trading stocks.