Summary by Moomoo AI
Shimao Group subsidiary, Shanghai Shimao Co., Ltd., announced unaudited financial performance for the six months ended June 30, 2024. Shanghai Shimao recorded approximately 2.669 billion RMB in revenue during this period, but due to significant credit impairment losses and asset impairment losses, operating losses amounted to approximately 4.298 billion RMB. Net losses further expanded to approximately 4.973 billion RMB, compared to a net loss of approximately 0.409 billion RMB in the same period last year, a significant increase in net losses. Basic and diluted loss per share were both 1.10 RMB. In addition, Shanghai Shimao's total assets decreased from approximately 122.578 billion RMB at the end of 2023 to approximately 108.523 billion RMB, while shareholders' equity decreased from approximately 17.73 billion RMB to approximately 12.774 billion RMB. The details of this financial performance have been published on the National SME Share Transfer System website. Xu Shitan, Vice Chairman and President of Shimao Group, issued this announcement on behalf of the board of directors on August 29, 2024.
