Summary by Moomoo AI
Longhu Group Holdings Limited (the “Longhu Group”) issued a profit warning, announcing that its financial results for the year ended 31 December 2023 will show that owners' retained earnings and core profit are expected to fall by approximately 45% to 50% respectively. The decline was mainly due to the bad weather in the real estate industry, which led to lower contract sales and a drop in prices. Nonetheless, Longhu Group achieved positive operating cash flow during the financial year and actively reduced its debt size and optimized its debt structure. THE COMPANY EMPHASIZES THAT IT WILL CONTINUE TO FOCUS ON DEVELOPING, OPERATING, SERVICING THE THREE MAIN BUSINESSES AND ENHANCING THE PROFIT CONTRIBUTION OF NON-DEVELOPMENT BUSINESSES. Longhu Group will release audited full-year financial results on or before 31 March 2024.
