The Zhitong Finance App learned that Changshi Group (01113) once fell nearly 8%. As of press release, it fell 6.57% to HK$44.94, with a turnover of HK$196 million.

According to the news, Changshi Group announced that it obtained revenue of HK$40.306 billion in the first half of this year, an increase of 58.77% over the previous year; net profit of HK$8.683 billion, up 37.78% year-on-year; and plans to pay an interim interest rate of HK41 cents, an increase of 5.13% over the previous year. The Group's unaudited base profit for the period was HK$6.64 billion, up 4.9% year over year. The fair value of real estate investment trusts and investment properties held by the Group decreased by HK$255 million and HK$1,466 million respectively. The associated company's impairment amounted to HK$6.023 billion. Profit of HK$9.787 billion was obtained from the sale of the British joint venture.

Bank of America Securities believes that Changshi Group's core profit for the first half of the year rose 5% year on year to HK$6.64 billion, slightly lower than the bank's forecast of 3%, mainly affected by weak profit margins for property development in Hong Kong. Furthermore, Changshi decided not to pay a special mid-term dividend or disappointed the market. The management cited macroeconomic uncertainties, but the Group has about HK$22 billion in net cash, a sound balance sheet, and the ability to cope with the uncertain environment and seize potential opportunities.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.