Shimao Services Posts Mixed Mid-Year Financials

Shimao Services Holdings Limited (HK:0873) has released an update.

Shimao Services Holdings Limited reported a marginal revenue drop of 1.6% for the first half of 2024 compared to the same period in 2023, while profit for the period saw a 3.4% uptick. The decrease in revenue is attributed to declines in community value-added services, services to non-property owners, and city services, even as property management services revenue grew by 5.7%. The company’s cash reserves also witnessed a decrease of 7.9%, mainly due to a slower recovery of service fees and payments for an equity acquisition.

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