China Jinmao Turns to Full-Year Profit

MT Newswires Live03-25 12:25

China Jinmao Holdings Group (HKG:0817) recorded an attributable profit of 1.06 billion yuan for the year 2024, compared with an attributable loss of 6.9 billion yuan in the year-ago period, the firm's annual report posted on the Hong Kong bourse on Tuesday said.

Earnings per share were 0.0519 yuan in the year, while the company had incurred a loss per share of 0.5162 yuan in the previous corresponding year.

The real estate developer's revenue fell by 18% year-over-year to 59.1 billion yuan from 72.4 billion yuan a year prior.

The firm attributed the turnaround to profit mainly to lower administrative, selling, marketing, and finance expenses and costs in the year, as well as a lower provision for impairment of certain assets such as properties under development and properties held for sale.

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