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<Warning>CHINA VANKE Foresees to Swing to Loss of RMB45B in 2024
Recommend 6 Positive 10 Negative 13 |
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CHINA VANKE (02202.HK) issued a profit warning that it expected to turn from a profit to a loss for the year ending December 31, 2024, recording a net loss attributable to shareholders of the listed company of about RMB45 billion, compared to a net profit of about RMB12.163 billion for the year of 2023; and basic LPS was expected to be up to RMB3.79. Last year's net loss after deducting non-recurring gains and losses was expected to reach approximately RMB41 billion, compared to net profit after deducting non-recurring gains and losses of approximately RMB9.794 billion in 2023. The Company deeply apologizes for the performance loss and will make every effort to promote business improvement. During the Reporting Period, the Company formulated the “package of plans” for the business reformation and risk mitigation, firmly focusing on streamlining operations, concentrating on its core business, and sparing no effort for self-rescue, thus achieving positive progress: the Company achieved its high-quality delivery of over 180,000 houses, actively promoted the sales in the development business, thereby achieving a sales amount of RMB246.02 billion, and topping the industry ranking in terms of sales area; the Company realized a contract amount from bulk transactions of RMB25.9 billion and vigorously carried out the stock revitalization, recovering over RMB10 billion in cash through the revitalization. Looking forward, the Company considers that the industry has already got through the most difficult time, and is confident that the real estate market will stop falling and stabilize, while believing that the positive improvement in the external environment has also served as good conditions for the Company to resolve its own issues. In 2025, the Company will continue to accelerate the risk mitigation, and confidently complete the delivery with high quality, and will make every effort to achieve its performance improvement in 2025. At the same time, the Company will fully focus on the three main businesses of comprehensive residential development, property services, and rental housing, further enhance the competitiveness of products and services, so as to support itself to quickly get back to a healthy and sustainable development path. AAStocks Financial News |
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