Minmetals Land Limited (HK:0230) has released an update.
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Minmetals Land Limited has issued a profit warning, announcing an expected loss of approximately HK$1,000 million for the first half of 2024, a stark contrast to the profit of HK$112 million in the same period of the previous year. The loss is primarily due to a significant decrease in revenue and gross profit margin in its real estate development business, alongside inventory impairment provisions. The company is exploring financial alternatives with the support of its controlling shareholder to address the challenging property market and financial conditions.
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