Ligao Group (01622) announced its 2023 interim results, with revenue of RMB 3,562 billion. The company...
According to the Zhitong Finance App, Ligao Group (01622) announced its 2023 interim results, with revenue of RMB 3,562 billion, losses attributable to company owners of RMB 344.5 million, and a basic loss of RMB 9.70 cents per share. The land reserve as at 30 June 2023 was 14.5 million square meters, with cash and cash equivalents and restricted cash of RMB4.456 billion
The announcement stated that the reduction in total revenue was due to a reduction in the construction area already delivered. The shift from profit to loss was mainly due to the negative impact of China's macro market environment, and the overall market decline in the real estate industry caused the gross margin of projects confirmed during the period to be low.