Shanghai Urban Development Expects Loss Improvement

Shanghai Industrial Urban Development Group Ltd (HK:0563) has released an update.

Shanghai Industrial Urban Development Group Ltd has issued a profit warning, anticipating a loss of HK$210 million to HK$250 million for the first half of 2024, which is a notable improvement from the loss reported in the same period of the previous year. The reduced profits are primarily due to a significant decrease in gross profit margins from commodity housing projects and a revaluation loss on investment properties. Investors are cautioned to exercise care when trading the company’s shares.

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