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China South City
China South City (1668) investor relations material
China South City H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary28 Mar, 2025
Executive summary
Revenue increased 16.4% year-over-year to HK$4,083.4 million, driven by higher property sales and recurring income.
Net loss attributable to owners widened to HK$8,975.8 million, up 107.9% from the prior period, mainly due to inventory impairment, deferred tax asset reversal, higher finance costs, and fair value losses on investment properties.
The Group faces severe liquidity challenges, with current liabilities exceeding current assets by HK$2,848.1 million and significant debt defaults.
A winding-up petition was filed in January 2025, and the auditor issued a disclaimer of opinion due to multiple material uncertainties about going concern.
Financial highlights
Revenue: HK$4,083.4 million (+16.4% year-over-year); property sales up 18.7%, recurring income up 10.3%.
Net loss: HK$8,975.8 million (vs. HK$4,317.5 million prior period); basic loss per share: HK78.45 cents.
Gross profit: HK$765.9 million (-5.3% year-over-year); gross margin fell to 18.8% from 23.0%.
Fair value losses on investment properties: HK$2,483.5 million.
Finance costs: HK$1,522.5 million (+140.3% year-over-year); weighted average financing cost decreased to 6.8%.
Cash and bank balances: HK$717.7 million (down from HK$1,143.6 million); restricted cash: HK$676.6 million.
Gearing ratio: 110.9% (vs. 84.0% prior year).
Outlook and guidance
The Group will focus on merchant recruitment, operations, prudent financial management, asset destocking, and cost reduction.
Plans to explore new business areas such as health, tourism, new energy, and smart logistics.
Ongoing efforts to restructure debt, accelerate property sales, and control costs to address liquidity issues.
Debt restructuring progress and timeline
Asset disposal strategy and expected proceeds
Impact of workforce reduction on efficiency
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China South City
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