According to the Zhitong Finance App, COSMOPOL INT'L (00120) announced its 2023 annual results. The group achieved revenue of HK$77.3 million during the period, a year-on-year decrease of 92.4%; shareholders of the parent company should have accounted for a loss of HK$372 million; in the same period last year, shareholders of the parent company should have accounted for a profit of HK$4 million; a basic loss of HK32.35 cents per share.
The announcement said that due to weak property market conditions in mainland China, the profit contribution of property sales revenue from the Group's two comprehensive development projects in Chengdu and Tianjin during the year under review was relatively small compared to last year. Furthermore, taking into account the continued decline in overall property prices, the Group accrued a total impairment loss of approximately HK$172 million for some of the properties for sale and some of the properties under development within these two development projects. As a result, after further accounting for financing costs, administrative expenses and tax expenses, the company generated losses attributable to shareholders of HK$372 million in the year under review.