"Sino-Ocean Serv" expects to report a loss of up to 326 million RMB in the first half of the year

SINO-OCEAN SERV (06677.HK) issued a profit warning, expecting a loss of between RMB 295 million and RMB 326 million for the six months ending in June, compared to a profit of RMB 59.3 million in the same period last year. This is mainly due to the continued adverse impact of the real estate market, which has lengthened the settlement cycle for related businesses, leading to an increase in impairment losses for trade and other receivables; as well as an increase in impairment losses for inventory and goodwill