Glory Sun Land Group (HKG:0299) expects to post a consolidated net loss of up to HK$2.3 billion for 2024, widening from an HK$828 million loss a year earlier, the company said in a Wednesday filing on the Hong Kong Exchange.
The property developer said the loss reflects a sharp decline in sales from its China real estate and property investment segment, higher write-downs on property inventories due to market weakness, a further drop in investment property values, and an impairment loss on a land redevelopment project.
Glory Sun reported a HK$1.57 billion loss for the first half of 2024.
Shares of the company fell nearly 4% in recent trade.
Price (HKD): $0.11, Change: $-0.0040, Percent Change: -3.54%
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