Powerlong Real Estate Holdings Ltd. (HK:1238) has released an update.
Powerlong Real Estate Holdings Ltd. has issued a profit warning, anticipating significant losses for the six-month period ending June 30, 2024, in contrast to the profits made in the same period of the previous year. The expected losses, amounting to RMB 1.9 to 2.1 billion, are primarily due to the challenging real estate market conditions, impairment provisions, foreign exchange losses, and decreased earnings from joint ventures. Investors are cautioned to consider these preliminary findings, which have yet to be audited, and await the full interim results due by the end of August 2024.
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