Beijing North Star Company (588) Q3 2024 earnings summary

Executive summary

• Operating revenue for Q3 2024 was RMB 1.30 billion, down 59.61% year-over-year; YTD revenue was RMB 4.73 billion, down 54.90% year-over-year.

• Net loss attributable to owners for Q3 was RMB 189.78 million, a 1,173.21% increase in losses year-over-year; YTD net loss was RMB 928.10 million, 3.5 times higher than the prior year.

• Major declines were driven by reduced settlement income and profit in the real estate development segment.

Financial highlights

• Basic and diluted EPS for Q3 were both -0.06 RMB, down 1,300% year-over-year; YTD EPS was -0.28 RMB, down 3,600%.

• Net cash flow from operating activities YTD was RMB 516.23 million, down 73.27% year-over-year.

• Total assets at quarter-end were RMB 52.63 billion, down 6.40% from year-end 2023.

• Owners' equity attributable to owners was RMB 11.59 billion, down 9.78% from year-end.

• Non-recurring items contributed RMB 74.19 million to profit YTD, mainly from government grants and capital occupancy fees.

Outlook and guidance

• Sales area for real estate projects YTD was 210,500 m², down 28.43% year-over-year; sales amount was RMB 2.95 billion, down 33.86%.

• No new real estate reserves were added during the period.