Summary by Moomoo AI
Fortune Properties announced its 2023 results, recording an audited consolidated annual loss of RMB 19.947 billion, an increase from the loss of RMB 15.779 billion in the same period last year. The Group faces challenges such as the weak Chinese property market, increased reserves for inventory impairment, increased losses in fair value of invested properties and deferred income tax asset write-offs related to tax losses. Despite this, the Group's hotel business grew by 54% year-on-year, driven by a recovery in the domestic tourism industry, showing a positive recovery trend. Wealth Properties also actively pursued an asset sale programme during the reporting period, including the One Nine Elms project in London, UK, to improve its financial position. Management remains cautiously optimistic about the future market outlook and is committed to avoiding financial difficulties through cash flow management and debt restructuring. The Audit Committee has reviewed the annual results and has not disagreed with the accounting policy.