Redco Properties Group Limited Provides Earnings Guidance for the Six Months Ended 30 June 2023 and for the Year Ended 31 December 2023
For the full year, the company informed that based on the preliminary assessment of the latest unaudited consolidated management accounts of the Group for the two years ended 31 December 2022 and 31 December 2023 and other information currently available to the Company, it is expected that the Group will record a net loss ranging from approximately RMB 1.5 billion to RMB 2.2 billion for FY2023, as compared to the expected net loss ranging from approximately RMB 5.5 billion to RMB 6.5 billion for FY2022. The expected narrowing in net loss for FY2023 as compared to FY2022 is mainly attributable to the decrease in provision for inventory as compared to FY2022 as a result of the unfavorable macro economic environment and the downturn of the real estate industry in the People's Republic of China; the decrease in loss of disposal of subsidiaries during FY2023; the decrease in selling and marketing expenses as a result of the sharp decline in contract sales amount for FY2023; and (iv) the decrease in general and administrative expenses during FY2023.