Xinyuan Real Estate Co (XIN) has released an update.
Xinyuan Real Estate Co. reported a significant drop in revenue for the first half of 2024, with a 59.9% decrease to $155.6 million due to a downturn in the real estate market. Despite a decrease in gross profit to $39.8 million, the company managed to raise its gross profit margin through cost optimization. However, the net loss widened to $47.9 million, highlighting ongoing financial challenges.
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