Wenling MCT (01379) released an announcement, expecting the group to record a net loss for the six months ending June 30, 2024.
Wenling MCT (01379) issued an announcement that the group's net profit for the six months ending June 30, 2024 is expected to decrease by approximately RMB 10 million to 14 million compared to the net profit for the six months ending June 30, 2023, which was about RMB 15.7 million. The expected decrease in net profit during this period is primarily due to: (i) the group not having sold any properties during this period, while sales revenue from completed properties amounted to approximately RMB 28.2 million for the six months ended June 30, 2023, resulting in a decrease in sales revenue from completed properties; and (ii) the investment property valuation loss increased from approximately RMB 10.4 million for the six months ended June 30, 2023 to approximately RMB 20.5 million during this period, due to a decrease in comparable market rents and land use period.
