Minmetals Land (00230.HK) announced that the group is expected to report a loss of approximately 1 billion Hong Kong dollars attributable to shareholders for the six months ending June 30, 2024 (for the six months ended June 30, 2023: shareholders should have earned approximately 0.112 billion Hong Kong dollars).
The expected loss is attributed to (i) significantly reduced revenue from real estate development business; (ii) significantly decreased gross margin of real estate development business; and (iii) impairments recognized for inventories and credit losses recognized under the expected credit losses model during the six months ending June 30, 2024.
With the support of its controlling shareholder, China Minmetals Group, the company is actively seeking different channels to supplement its financial resources to cope with the continuously sluggish real estate market and tightening financing environment, and ensuring that it has enough capabilities to fulfill its obligations and maintain liquidity to support its daily operations.
