Red Star Macalline Group Swings to Loss in H1 as Revenue Falls 25%

MT Newswires Live09-02

Red Star Macalline Group (HKG:1528) recorded a loss attributable to owners of 1.34 billion yuan for the six months ended June 30, against an attributable profit of 128.2 million yuan logged for the corresponding period last year, a Friday filing with the Hong Kong Exchange said.

Loss per share for the reporting period stood at 0.31 yuan as compared to earnings per share of 0.03 yuan recorded for the year-ago period.

The home furnishing and mall management company's revenue for the first half of this year was 4.22 billion yuan, 25.4% lower than 5.66 billion yuan booked a year ago.

The company attributed the decrease in revenue to a decline in the occupancy rate of the company's portfolio shopping malls and an increase in preferential treatments provided to retain tenants.

The company's shares were down nearly 2% on Monday's close.

Price (HKD): $1.09, Change: $-0.020, Percent Change: -1.80%

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