China Xincheng (01321) announced its 2023 results, with revenue of about 1,297 billion yuan, an increase of 119...
According to the Zhitong Finance App, China Xincheng (01321) announced its 2023 results, with revenue of about 1,297 billion yuan, up 119.2% year on year; gross profit of about 368 million yuan, up 213.6% year on year; loss due to parent company owners was about 404 million yuan, a decrease of 6.6% year on year; loss per share.
According to the announcement, the increase in revenue was mainly due to a sharp increase of about RMB 688 million in commercial property sales revenue compared to FY2022, mainly due to delays in delivery of confirmed revenue for development projects in FY2023 due to the pandemic.
The loss was mainly due to a decrease in the fair value of investment properties obtained by the Group in fiscal year 2023 by approximately RMB 352 million, and a decrease of approximately RMB 554.35 million and approximately RMB 306.61 million in revenue and interest income from the sale of property and equipment projects compared to FY2022, respectively.
As of December 31, 2023, the total construction area of land reserves held by the Group for development and/or sale was approximately 37.691 million square meters.