SRE GROUP released its 2023 annual performance, with a shareholder's net loss of 1.618 billion yuan, a year-on-year increase of 504.27%
SRE GROUP released its 2023 annual performance, with a net loss attributable to shareholders of 1.618 billion yuan, a year-on-year increase of 504.27%. The group's revenue was 599 million yuan, a year-on-year increase of 116.95%. The increase in losses was mainly due to the default of the syndicated loan for the Shanghai Daxing Street project and the provision for impairment of related receivables and financial assets. In addition, the downturn in the domestic real estate market and macroeconomic environment also led to the recognition of impairment provisions
According to the financial news from Zhitong Finance APP, SRE GROUP (01207) announced its audited annual performance for the year ended December 31, 2023. The group achieved a revenue of RMB 599 million, a year-on-year increase of 116.95%. The company's shareholders' attributable loss was RMB 1.618 billion, a year-on-year increase of 504.27%, with a loss per share of 0.079 yuan.
The announcement stated that the significant increase in losses was mainly due to: a substantial loss in the performance of a joint venture enterprise attributable to the Shanghai Daxing Street project consortium loan default in 2023, as well as the group making significant impairment provisions for other receivables related to the joint venture enterprise and other financial assets accounted for at amortized cost after a careful assessment; and the continued downturn in the domestic real estate market and macroeconomic environment in 2023, leading the group to make impairment provisions for several investment properties, property inventories, and other receivables after a careful assessment
