CCCC Real Estate: Expected Loss of 550 Million in the First Half of the Year!

On July 14, China Communications Real Estate Co., Ltd. released its performance report for 2023. The

announcement shows that the net profit attributable to shareholders of listed companies in the first half of the year is expected to lose 550 million yuan, compared with a profit of 84.254 million yuan in the same period last year.

The announcement showed that the main reasons for the decrease in the net profit attributable to the parent company compared with the same period last year were as follows:

1. During the reporting period, due to the different delivery schedules of the company's real estate development business, the number of projects that met the delivery conditions in the current period decreased compared with the same period last year;

2. Affected by the downturn of the market environment, the gross profit margin of the projects delivered by the Company's real estate development business in the current period decreased significantly as compared with last year.

Meanwhile, due to the impact of the market environment, some real estate development projects of the Company showed signs of impairment, and the provision for asset impairment is expected to increase during the reporting period as compared with last year.