Jinhui Holdings (09993) announced an interim results loss of 1,927 billion yuan year-on-year profit to loss during the period

According to the Zhitong Finance App, Jinhui Holdings (09993) announced results for the six months ended June 30, 2024. The group achieved revenue of 16.383 billion yuan (RMB, same below) during the period, a year-on-year decrease of 10.71%; loss during the period was 1,927 billion yuan, while the same period last year achieved an in-period profit of 737 million yuan; a basic loss of 0.5 yuan per share.

According to the announcement, up to the current period, revenue from property development and sales was approximately $16.186 billion, a decrease of about 10.7% from about $18.121 billion in the six months ended June 30, 2023. The decrease in the Group's property development and sales revenue is mainly due to a decrease in the number of completed and delivered property projects of the Group during this period, which reduced the total construction area of the Group.

Property rental income includes recurring rental income from the rental group's commercial properties such as office buildings, shopping malls and shopping streets. The Group's rental income decreased by about 8.6% from approximately $213 million for the six months ended June 30, 2023 to approximately $195 million in the current period, mainly due to a decrease in the occupancy rate and rent level of the Group's investment properties during the period.