Jujiang cons (01459.HK) announced on August 11 that the group's net income for the six months ended June 30, 2024 is expected to decrease by about 40.0% to 60.0% compared with the same period last year, with a decrease of about RMB 31.3 million yuan.
The decrease is mainly due to (i) group's revenue and gross profit in this period are about RMB 4.168 billion yuan and RMB 0.16 billion yuan, respectively, which are reduced by about 5.0% to 10.0% and 2.0% to 5.0% compared with the same period last year, mainly due to the overall stagnation of the real estate market, resulting in a decrease in net value of newly contracted projects during the period; (ii) the net increase in impairment losses on financial and contract assets in this period compared with the same period last year is about RMB 22.7 million yuan, an increase of about 80.0% to 100.0%, due to the influence of the stagnation of the real estate market, and some customer credit risks are higher than those in the same period last year.