Jinwu Financial News | Sihai International (00120) issued a profit warning, dragging down stock price performance. As of press release, it reported HK$1.09, down 3.54%, with a turnover of HK$1.7605 million.
According to the I&P announcement, the expected loss for 2023 is approximately HK$372 million, compared with a net profit of HK$4 million in the previous year.
According to the announcement, the profit contribution of the Group's property sales in Chengdu and Tianjin was not significant during the year, mainly due to the fact that the Group's two development projects in Chengdu and Tianjin were not significant. Furthermore, considering the continued decline in overall property prices, the Group has accrued a total impairment loss of approximately HK$172 million for these two development projects.