China Xincheng (01278) announced that the group expects net profit of around RMB 151 million in 2023 and approximately RMB 7.45 million in 2022.
According to the announcement, the increase in net profit in 2023 was mainly due to the increase in interest income from the company's debt instruments measured by amortized costs compared to 2022; in 2022, the company made an impairment provision of RMB 109 million for land development to be sold.