"Profit Warning" BEIJING JIAYE expects last year's net profit to drop by up to 35%

BEIJING JIAYE (02210.HK) issued a profit warning, expecting to record a profit of between RMB 50.8 million and RMB 59.2 million for the year ending last December, a year-on-year decrease of 30% to 40%; and a net profit of between RMB 51.8 million and RMB 59.8 million, a year-on-year decrease of 25% to 35%.

The group believes that the decrease in profit and net profit during the year is mainly due to increased investment in the early stages and quality maintenance of property management projects to gain market share; affected by changes in current market demand and cyclical adjustments in the industry, the rental price of container houses has shown a significant downward trend. In accordance with the relevant provisions of the International Financial Reporting Standards issued by the International Accounting Standards Board, the group has recognized impairment losses for the container house equipment it holds