Baoxin Land (00299) issued an announcement. The Group expects to achieve comprehensive results for the year ending December 31, 2023...
According to the Zhitong Finance App, Baoxin Land (00299) announced that the Group expects a consolidated net loss of no more than HK$850 million for the year ended December 31, 2023, and a net loss of HK$911 million in the previous year. Meanwhile, the Group recorded a net loss of approximately HK$217 million for the six months ended June 30, 2023.
The Board believes that the expected net loss for the year is mainly due to the reduction of inventory to realizable value and fair value losses in investment properties under the Real Estate and Property Investment Division; the Group implemented effective cost control measures to significantly reduce sales and administrative indirect expenses; impairment losses on financial assets; loss in fair value of financial liabilities recorded through profit and loss at fair value; and losses on the sale of subsidiaries.