Ruisen Life Service (HKG:1922), formerly Yincheng Life Service, expects to book a loss of about 90 million yuan for the six months ended June 30, compared with the profit of 63.8 million yuan in the previous year, according to a Monday filing with the Hong Kong bourse.
The company attributed the turnaround from profit to loss to an increased impairment provision on the amounts due from related parties, including property developers, facing liquidity issues in a tough real estate market.
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