Country Garden Holdings is set to release its first-half financial results on Wednesday. Here are the key details to know:
Net Loss Expected
Earlier this month, the property developer announced that it anticipates a net loss ranging from 45 billion Chinese yuan ($6.17 billion) to CNY55 billion for the six-month period ending on June 30. This is in stark contrast to the net profit of CNY1.91 billion recorded in the same period last year, which included profit attributable to noncontrolling interests.
Areas of Focus
Country Garden has emphasized the importance of resolving liquidity pressure and is currently considering implementing debt-management measures to protect the interests of all stakeholders. Investors will be closely watching for any strategies put forth to manage the company's debt obligations.
At the end of 2022, the company's cash and cash equivalents decreased to CNY128.28 billion, down from CNY146.95 billion at the end of 2021. Furthermore, its net current assets dropped to CNY305.87 billion at the end of 2022, as compared to CNY335.03 billion at the end of 2021. Investors will be paying close attention to Country Garden's cash position.
Country Garden has made concerted efforts to control ineffective production capacity and strengthen cost control measures in order to minimize expenditures. Investors will be keenly observing any decreases in the cost of sales, as well as selling, marketing, and administrative expenses.
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