DXIN China (02019.HK) Earnings Warning: Expected loss attributable to mid-term shareholders is 500 million yuan to 600 million yuan

Gelonghui Finance ·  08/24/2023 18:47

Gelonghui August 24?Dexin China (02019.HK) announcementAccording to the preliminary review of the Group's unaudited consolidated management accounts for the six months ended June 30, 2023 and other information currently available, the Group is expected to record a net loss of about RMB 300 million to RMB 500 million (compared with a net profit of about RMB 904 million for the same period in 2022). The loss attributable to shareholders is about RMB500m to RMB600m (the profit attributable to shareholders in the same period in 2022 is about RMB 740 million).

The expected decline is mainly due to (1) the lower gross profit margin of real estate projects carried forward by the macroeconomic situation and the continued downturn in the real estate market; (2) the impairment of real estate projects due to the influence of the market environment; (3) the decrease in the number of real estate carry-over projects held by the joint venture company during the period, resulting in a decrease in the investment performance of the joint venture company; and (4) recorded exchange losses.

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