China Sandi (00910.HK) announced on August 23 that for the six months ended June 30, 2024, the group expects to record a net loss of approximately RMB 0.2 billion to RMB 0.3 billion after tax, while for the six months ended June 30, 2023, it recorded a net profit of approximately RMB 0.146 billion after tax.
The announcement stated that the expected net loss for the six months ended June 30, 2024 is mainly due to (i) a significant decrease in property sales revenue and investment property rental income due to the continued unfavorable macro environment and the downturn in the real estate industry; (ii) an increase in fair value net loss of investment properties; and (iii) recognition of impairment loss on developing properties. Despite the expected net loss for the six months ended June 30, 2024 compared to the net profit for the same period in 2023, the board of directors believes that the overall financial condition of the group is good and remains optimistic about the group's prospects.