"Profit Warning" LONGFOR GROUP expects core profit to decline by 70% in the first half of the year

LONGFOR GROUP (00960.HK) issued a profit warning, expecting that the profit for the six months ending in June will decline by approximately 45% compared to RMB 5.87 billion in the same period last year; core profit is expected to decline by approximately 70% compared to RMB 4.75 billion in the same period last year, mainly affected by the downturn in the real estate industry, leading to a decrease in the gross profit margin of the company's real estate development business.

For the six months ending in June, the group's operating cash flow, including capital expenditures, was positive, the scale of liabilities was steadily reduced, and the debt structure continued to optimize. Currently, all domestic credit bonds maturing in 2025 have been repaid