Jinwu Financial News | Shenzhen Holdings (00604) issued a profit warning, dragging down stock price performance. As of press release, it reported HK$0.99, down 4.81%, with a turnover of HK$3,016,300.
According to the announcement, for the year ended 31 December 2023, the Group is expected to record an unaudited consolidated loss of approximately HK$248 million to HK$406 million in fiscal year 2023, compared with the audited consolidated profit of approximately HK$2,085 million recorded by equity shareholders in FY2022.
The expected change in profit to loss is mainly due to the combined effects of the following factors: (i) the majority of pre-sold properties did not meet the carry-over sales revenue requirements in FY2023, leading to a decline in sales revenue and gross profit; (ii) the shift in the results of the joint ventures and associated companies confirmed in fiscal year 2023 from accrued profits to losses; and (iii) the increase in financial costs recorded by the Group in fiscal year 2023.