China Chengtong Development Group (00217) announced that the group is expected to record a comprehensive pre-tax profit of... by the first half of 2024.
Chengtong Development Group (00217) announced that it expects to record a comprehensive post-tax profit of about HKD 25 million to HKD 27 million in the first half of 2024, down about 30% from the six months ended June 30, 2023.
The group's financial performance in the first half of 2024 was mainly affected by external factors such as the global economic downturn, intensified competition in the leasing industry, and stricter regulations. The industry has shifted from high-speed growth to steady development. In this process of transformation, the group has strengthened risk management and been more cautious in implementing new leasing arrangements. Therefore, in the first half of 2024, the group only entered into three new sale-and-leaseback arrangements, and the operating income of the leasing business decreased by more than 17% compared with the first half of 2023.