Guangdong Land Holdings (124) Q3 2024 earnings summary

Executive summary

• Revenue surged 207.5% year-over-year to HK$4,043 million, driven by increased property sales volume.

• Loss attributable to owners widened to HK$191 million from HK$67.88 million year-over-year.

• Gross profit declined 31.1% year-over-year to HK$217.8 million due to lower margins on delivered projects.

• No further impairment of inventories was recorded, compared to HK$203 million in the prior year.

Financial highlights

• Fair value losses on investment properties of HK$34.4 million, a reversal from gains of HK$325.6 million last year.

• Net asset value per share decreased 3.4% to HK$2.84.

• Total assets declined 6.1% to HK$45,940.8 million as of 30 September 2024.

• Equity attributable to owners fell 3.4% to HK$4,867.5 million.

Outlook and guidance

• Contracted but undelivered sales reached HK$10,494 million, to be recognized as future revenue.