Country Gardens net profit in the first half of the year is not as good as 10 %

China ’s largest real estate developer Country Garden’ s shareholders should account for about 200 million yuan (RMB, the same, about S $ 40 million) to 1 billion yuan in the first half of this year, a decrease of over 90%compared to the same period last year.

According to the profit warning issued by Country Garden on Thursday (August 18), the Group is expected to have a net profit of about 200 million yuan to 1 billion yuan in the first half of 2022, and about 150 in the same period last year last year100 million yuan, a year -on -year decrease of 93.3%to 98.7%; the core net profit of the first half of the year is expected to be about 4.5 billion yuan to 5 billion yuan, compared with 15.2 billion yuan in the same period last year, down 67.1%to 70%.

Country Garden said that the decline in profitability is mainly due to the severe operating environment of the real estate industry and the continuous influence of the new crown epidemic.The period of low gross profit projects in the period has led to a decline in the margin rate of mosaids in real estate business, an increase in impairment of property projects for the principle of caution, and the impact of expected net exchange loss caused by foreign exchange fluctuations.

The board of directors of Country Garden said that the above -mentioned profits are mostly non -cash. The Group's operating conditions are good, with sufficient use of cash, and the cash flow is still stable.

Profit warning also shows that in the first half of this year, Country Garden realized equity sales of 185.1 billion yuan, a year -on -year decrease of 38.9%; equity sales area was 23.49 million square meters, a year -on -year decrease of 31.93%.

When sales of the real estate industry in China continued to decline, when a number of real estate companies were in a debt crisis, Country Garden also lost its last investment -level rating on Tuesday (16th)."Level",

When the excellent rating is rated to BB+, the Country Garden's "liquid buffer space is sufficient, but facing pressure", the source of pressure includes decline in sales, operating capital commitments, and the ability to enter the capital market.Difference.