China Vanke Co (HK:2202) has released an update.
China Vanke Co., Ltd. has issued a profit alert, expecting a net loss of RMB 7-9 billion for the first half of 2024, a stark decrease compared to last year’s RMB 9.87 billion profit. The anticipated loss is attributed to high land acquisition costs, decreased profit margins in real estate settlements, and losses from financial investments outside of the company’s main business. Despite these setbacks, the company is proceeding with a business reformation and risk mitigation plan, aiming to refocus on its core businesses and return to sustainable development.
For further insights into HK:2202 stock, check out TipRanks’ Stock Analysis page.
