Huanan City (01668) announced interim results. Shareholders' net loss attributable to shareholders was HK$4.311 billion, an increase of 594% over the previous year

According to the Zhitong Finance App, South China City (01668) announced results for the six months ended June 30, 2024, with revenue of HK$1,215 billion, a year-on-year decrease of 51.7%; net loss attributable to owners of the parent company was HK$4.311 billion, an increase of 594% over the previous year; and a basic loss of HK37.68 cents per share.

The losses attributable to owners of the parent company and the basic loss per share were mainly due to: a decrease in property sales and delivery during the period; loss in fair value of investment properties; an increase in inventory impairment provisions; an increase in financing costs due to a decrease in capitalized interest in the construction industry; and a decline in rental income.