Gelonghui, March 21, 丨 Minmetals Real Estate (00230.HK) announced that for the year ended 31 December 2023, the company achieved consolidated revenue of HK$12.631 billion, up 25.5% year-on-year; gross profit margin of 17.2%, up 6.7 percentage points year-on-year; and net losses and losses attributable to equity holders of the company narrowed by 61.3% and 25.4% respectively to HK$526 million and HK$1,016 million.
Losses during the year were mainly due to a weak real estate market. The Group made inventory impairment provisions for real estate development projects, and financial costs continued to rise due to rising financing costs and falling interest capitalization ratios.