Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
Country Garden Services said that its first-half net profit fell 8.7% year over year to 2.351 billion yuan. Core net profit fell 9.5% to 2.615 billion yuan. No interim dividend was declared.
Revenue reached 20.733 billion yuan, up 3.4% from a year earlier. Gross profit fell by 4.3% to 5.158 billion yuan.
Overall gross profit margin shrank by 2 percentage points to 24.9% from about 26.9% a year earlier, mainly due to the decline in gross profit margins of community value-added services and value-added services to non-property owners.
As at 30 June, the contracted gross floor area under management was around 1.646 billion square metres, and the revenue-bearing GFA under management was around 916 million square metres, rising by 44.7 million square metres and 46.9 million square metres, respectively, from a year earlier.
As at the end of June, its total bank deposits and cash stood at about 12.712 billion yuan, compared to 11.377 billion yuan at the end of 2022.
The board believed the shares have been trading at a price level that does not fully reflect the intrinsic value of the group, so the company will repurchase no more than 10% of the total issued shares in the open market at an appropriate time.
Country Garden Services’ shares surged nearly 10% to close at HK$9.45.
