HBFX issued a profit warning, expecting a net loss of 1.946 billion to 2.475 billion yuan for the fiscal year 2024, turning from profit to loss year-on-year
HBFX expects a net loss of RMB 1.946 billion to RMB 2.475 billion for the fiscal year 2024, turning from profit to loss year-on-year. To quickly recover funds, the company has intensified market promotions, leading to fluctuations in the net realizable value of inventory and the fair value of investment properties, with an estimated loss provision of approximately RMB 2.08 billion to RMB 2.445 billion. In addition, due to cautious market expectations, the estimated loss amount is approximately RMB 176 million to RMB 278 million, totaling an impact on losses of approximately RMB 2.256 billion to RMB 2.723 billion
According to the Zhitong Finance APP, HBFX (000926.SZ) released its annual performance forecast for 2024, expecting a net loss attributable to shareholders of the listed company of between 1.946 billion yuan and 2.475 billion yuan, a shift from profit to loss compared to the previous year.
During the reporting period, the company increased market price promotions for its commercial complexes, office buildings, parking spaces, and other products in various regions to quickly recover funds. This measure led to fluctuations in the net realizable value of related inventories and the fair value of investment properties, with expected fair value change losses and impairment provisions of approximately 2.08 billion yuan to 2.445 billion yuan. Additionally, based on the downward trend in the real estate industry and a cautious principle regarding future market expectations, as the net realizable value of certain inventories and investment properties is lower than their book value, previously recognized deferred tax assets must be reversed, with an estimated loss amount of approximately 176 million yuan to 278 million yuan. The total impact on the loss is expected to be approximately 2.256 billion yuan to 2.723 billion yuan
