Sino-Ocean Group Narrows Loss by 12% in 2024

MT Newswires Live

2025/03/27

Sino-Ocean Group (HKG:3377) narrowed its attributable loss in 2024 by 12% to 18.6 billion yuan from 21.1 billion yuan in the year-ago period, a Wednesday filing with the Hong Kong bourse said.

Loss per share stood at 2.445 yuan, down from 2.77 yuan in 2023.

The property firm's revenue for the year fell by 49% to 23.6 billion yuan from 46.5 billion yuan a year prior.

The firm attributed the loss mainly to a decrease in the industry gross profit margin and the provision made by the company for impairment of property projects, as well as losses recognized from the disposal of property projects.

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