Sunac Services unlikely to see enormous impairment from related party Sunac China – CFO
STOCKS
Sunac Services unlikely to see enormous impairment from related party Sunac China – CFO
STOCKS

Sunac Services unlikely to see enormous impairment from related party Sunac China – CFO

 

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Property manger company Sunac Services’ properties under management by the end of 2023 is expected to increase by 15% – 20% from the end of 2022 and accordingly, the revenue will also grow by the same margin, said said CFO Yang Man at the results conference call.

The company’s full-year revenue will edge up slightly, gross margins will hold steady with 2022-level, and management efficiency will continue to improve, with management efficiency and overhead rates to drop by 1-2 pts in 2023 from 2022, said Yang.

Yang stressed that Sunac Services is unlikely to be subject to enormous impairment for the related party Sunac China and in addition, when Sunac Services undertakes any projects from its related party Sunac China, the bottom line is whether the cash can be recovered from the project.

Sunac Services on Monday announced its interim results for the 6 months ended June. It recorded a revenue of 3.396 billion yuan, sliding 14.9% from a year earlier, and net profit reached 340 million yuan, turning around from a net loss of 751 million yuan for the same period last year.