SUNWAY INT'L issued a profit warning, expecting an annual consolidated loss to increase by approximately 18% to 28% year-on-year
SUNWAY INT'L expects its annual consolidated loss for the year ending December 31, 2024, to increase by approximately 18% to 28% year-on-year. The increase in losses is primarily due to the sluggish property market in China, with specific reasons including: an increase of approximately HKD 33 million in receivables impairment losses under the credit loss model, an increase of approximately HKD 9 million in losses from the sale of properties and equipment, and a goodwill impairment of approximately HKD 20 million related to manufacturing and trading businesses in China
According to the Zhitong Finance APP, SUNWAY INT'L (00058) announced that it expects the group's consolidated loss for the year ending December 31, 2024, to increase by approximately 18% to 28% compared to the same period in 2023. The expected increase in consolidated loss is mainly due to the sluggishness of the Chinese property market and related business segments, primarily due to:
(1) An expected increase of approximately HKD 33 million in impairment losses on trade and other receivables recognized under the credit loss model;
(2) An increase of approximately HKD 9 million in losses from the sale of properties, factories, and equipment; and
(3) Goodwill of approximately HKD 20 million related to the group's manufacturing and trading business in China was impaired in 2023, but there are no related items for this year
