Yongtai Real Estate (00369) announced its annual results for the year ended December 31, 2023, and the group achieved revenue of 8...
According to the Zhitong Finance App, Yongtai Real Estate (00369) announced the results for the year ended December 31, 2023. The group obtained revenue of HK$882 million, a year-on-year decrease of 78.46%; losses attributable to the company's shareholders of HK$890 million, an increase of 64.89% over the previous year; a loss of HK$0.66 per share, and plans to pay a final dividend of HK8 cents per share.
The Hong Kong housing market continues to be hit by high interest rates and uncertain economic prospects, while the Hong Kong office market continues to face rent pressure and high vacancy rates. In the London office market, property valuers have increased capitalization rates in response to the high interest rate environment, causing property valuations to continue to be hit. As a result, the fair value of the company's leasing and development properties was further lowered at the end of 2023. The total net property valuation loss and impairment provision for 2023 was HK$963 million (HK$1.7 billion in 2022). Including the net valuation loss of financial instruments of HK$124 million (net income of HK$502 million in 2022), the total net loss from non-cash valuation was HK$1,087 million compared to HK$1,198 million last year.
Excluding net loss from non-cash valuation, the Group obtained core comprehensive profit attributable to shareholders of HK$197 million in 2023, compared to HK$658 million last year, mainly due to a decline in residential property sales. Core earnings per share were HK$0.15 (HK$0.49 in 2022).
Including net loss from non-cash valuation, the Group's consolidated loss attributable to shareholders for the year ended 31 December 2023 was HK$890 million, compared to a loss of HK$540 million last year. Loss per share was HK$0.66 (HK$0.40 in 2022).