China Newcity Issues Profit Warning, Anticipates Annual Net Loss Not Exceeding RMB 291 Million

Stock News03-20

China Newcity (01321) has announced that the group expects to record a net loss of no more than approximately RMB 291 million for the 2025 fiscal year. This contrasts with a net profit of about RMB 486 million reported for the year ended December 31, 2024. The anticipated shift from profit to loss in the 2025 fiscal year is primarily attributed to a significant decrease of no more than 91% in revenue from the group's commercial property development business segment compared to the 2024 fiscal year. This decline is mainly due to (i) the majority of revenue from the sale of the group's International Office Centre (IOC) A2.1 building project having been recognized in the 2024 fiscal year, and (ii) the absence of sales recognition for any new project of comparable scale during the 2025 fiscal year. Despite this, the group forecasts that revenue from its property leasing business segment will increase by no less than approximately 23% compared to the 2024 fiscal year, which is expected to provide the group with a stable and ongoing cash inflow.

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