China Aoyuan Expects Major Profit Turnaround

China Aoyuan Group (HK:3883) has released an update.

China Aoyuan Group Limited has announced an expected net profit of RMB 21-23 billion for the first half of 2024, a significant turnaround from a net loss of RMB 2.9 billion in the same period last year. This profit is primarily due to gains from the completion of the company’s offshore debt restructuring, although the firm warns of an underlying loss when these gains are excluded, caused by decreased property sales revenue and rising financing costs. Investors are advised to exercise caution when dealing in the company’s securities.

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