"Performance" GD LAND's loss narrowed to RMB 16.165 million in the first three quarters

GD LAND (00124.HK) announced that for the first three quarters ending September this year, revenue was HKD 6.728 billion, an increase of 66.4% year-on-year, mainly due to the increase in the total floor area of properties held for sale. The loss narrowed to HKD 16.165 million, compared to a loss of HKD 191 million in the same period last year.

The company stated that the properties delivered during the period mainly included the Guangzhou GD Yun Port City project, the Huizhou GD Yigui Mansion project, and the Foshan GD Shigui Mansion project; among them, the Guangzhou GD Yun Port City project had a higher gross profit margin, leading to an increase in property sales profit year-on-year.

In addition, affected by the latest real estate market environment, due to impairment indications in some of the group's property projects, the group made an inventory impairment provision of approximately HKD 1.097 billion during the period, while no such provision was recorded in the same period last year. At the same time, the group recorded a fair value loss on investment properties (net of related deferred tax expenses) of approximately HKD 99.12 million during the period, compared to HKD 25.83 million in the same period last year