Summary by Moomoo AI
Cosmopol International Holdings Limited ('Cosmopol International') has issued a profit warning, announcing an expected net loss of approximately HKD 0.169 billion for the six months ending on June 30, 2024, an increase of approximately HKD 70.7 million compared to the same period in 2023. The increase was mainly due to the revision of the cost allocation basis for property development projects in China, resulting in an increase in tax expenses, as well as the weakness of the real estate market in China, which led to a decrease in sales and profits from development projects in Chengdu and Tianjin. Cosmopol International emphasized that this expected loss figure is based on unaudited comprehensive management accounts, and the company's interim financial statements are still being prepared. The company will announce its interim performance on August 28, 2024. On behalf of the Board of Directors, the company secretary, Lin Xiufen, issued this announcement on August 19, 2024, and reminded shareholders and potential investors to exercise caution when trading in securities of Cosmopol International.
