Sunac Services Swings to Loss Despite Revenue Growth

Sunac Services Holdings Ltd. (HK:1516) has released an update.

Sunac Services Holdings Ltd. reported a modest revenue increase of 3% year-on-year, amounting to RMB3,484 million for the first half of 2024, with core business revenue up by 6%. Despite this, the company experienced a swing to a loss of RMB472 million, compared to a profit of RMB340 million in the previous year. The Group’s gross profit also saw a 5% increase, while they provisioned an additional RMB730 million for impairment of receivables from related parties.

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