Property developer Agile Group expects 4 – 4.5 bn yuan in H1 loss, vs 2.4 bn yuan profit a year ago

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Chinese property developer Agile Group warned that it’s expected to record a loss of about 4 – 4.5 billion yuan for the first half of the year, compared to a profit of 2.401 billion yuan a year earlier. 

The loss was mainly due to the unfavorable real estate environment, which led to a slowdown of property sales, a drop in sales and a fall in gross profit margin; the losses recorded on the sale of subsidiaries and joint ventures/associates; the loss caused by changes in fair value of financial assets; and the depreciation of the yuan which led to net exchange loss, the company said.