Xinming China (02699) announced its interim performance for the six months ending on June 30, 2023, with the group achieving profits...
Zhitong Finance APP News, Xinming China (02699) announced its interim performance for the six months ending on June 30, 2023. The group achieved a profit of 0.233 billion yuan (same unit below), a 905.75% year-on-year increase; the attributable loss to owners of the company was 0.251 billion yuan, a 73.24% decrease year-on-year; loss per share was 0.134 yuan.
The announcement stated that the turnover of properties delivered and the construction area were approximately 0.231 billion yuan and approximately 0.0349 million square meters respectively, increasing by about 7.7 times and 37.5 times respectively compared to the same period last year. The average selling price under contract is about 6,621 yuan per square meter, a significant increase of about 103.3% compared to approximately 3,257 yuan per square meter in the same period last year, mainly due to the weakening demand in the commercial property market during this period due to the impact of the epidemic. To sell the remaining commercial property inventory of Wenshang era, Taizhou Xinming Peninsula, and Xinming Lijiang Garden projects, the group adopted a fast-selling cash recovery strategy, resulting in a significant price discount.
