Yuzhou Group (01628) announced that the Group's total revenue in 2023 is expected to be approximately RMB 21.477 billion, with...
According to Zhitong Finance App News, Yuzhou Group (01628) announced that the Group's total revenue in 2023 is expected to be about RMB 21.477 billion, down about 20% from the previous year. The decrease is mainly due to the continued downturn in China's real estate industry and reduced revenue from property sales due to reduced property deliveries. Furthermore, the Group expects to have net losses of approximately RMB 14 billion to RMB 15 billion and net losses attributable to shareholders of approximately RMB 10 billion to RMB 11 billion during the year, while net losses of approximately RMB 13.269 billion and net losses attributable to shareholders will be approximately RMB 12.015 billion in 2022.
According to the announcement, the increase in net annual losses was mainly due to the impact of the macro-market environment and declining sales in the real estate industry, resulting in pressure on the gross profit of the Group's projects included in settlement during the reporting period; due to the market environment, some of the company's real estate projects showed signs of impairment, increased inventory and other asset impairment provisions calculated based on prudential principles, and fair value losses in investment properties; due to the decline in interest capitalization ratios during the reporting period; and the corresponding increase in the Group's overseas US dollar notes. The decrease in net losses attributable to shareholders during the year was mainly due to an increase in net losses attributable to non-controlling interests.