Gemdale Properties & Investment (HK:0535) has released an update.
Gemdale Properties & Investment Corporation Limited has reported a significant decline in its financial performance for the first half of 2024, with a 487% drop in profit attributable to owners compared to the same period in 2023. The loss, mainly due to impairment losses on property inventories and receivables from joint ventures, has resulted in a revenue increase of 41% being overshadowed by much larger profitability challenges. The company’s total assets and net assets also decreased by 6% and 12% respectively.
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