According to the Zhitong Finance App, COSMOPOL INT'L (00120) announced that the Group is expected to make a net loss for the year ended December 31, 2023 and achieve a net profit of HK$4 million in 2022.
Due to weak real estate market conditions in mainland China, the profit contribution of property sales from the Group's two comprehensive development projects in Chengdu and Tianjin during the year under review was relatively small compared to last year. Furthermore, considering the continued decline in overall property prices, the Group has accrued impairment losses for some of the properties for sale and some of the properties under development within these two development projects, totaling approximately HK$172 million. Therefore, after further accounting for financing costs, administrative expenses and tax expenses, the company is expected to incur losses attributable to shareholders of approximately HK$372 million in the year under review.
