Capital Grand (01329.HK) announced on August 22 that for the six months ended June 30, 2024, the group's revenue was approximately RMB 746,386,000, an increase of 19% year-on-year. The increase in revenue is mainly due to the significant increase in property sales revenue in the first half of 2024 compared to the same period in 2023, as well as the continuous increase in the company's outlet business revenue.
The group incurred a net loss of approximately RMB 148,705,000, a decrease of 265% compared to the net profit of RMB 90,079,000 in the same period of 2023. In the first half of 2024, the group's outlet business revenue and gross profit slightly increased compared to the same period last year. The net loss recorded during the reporting period was mainly due to the decrease in the incremental valuation of the group's investment properties compared to the previous year. The incremental valuation of investment properties in the same period of 2023 was approximately RMB 349 million, mainly attributed to the incremental valuation of properties related to the disposal of the Wuhan and Jinan outlet projects by the group in 2023. In the first half of 2024, the incremental valuation of investment properties contributed RMB 4.5 million to net income.
