SRE Group Limited (HK:1207) has released an update.
SRE Group Limited has issued a profit warning anticipating a significant increase in losses for the fiscal year 2023, with an expected loss of around RMB1,600 million, a sharp rise from the previous year’s RMB268 million. The increase is primarily due to a defaulted bank loan on a major project and the downturn in the real estate market. Shareholders and potential investors are cautioned to be prudent when dealing in the company’s shares.
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