The Foshan-based company said preliminary core profit could reach 4.5 billion yuan to 5 billion yuan for the first six months of the year, down from 15.2-billion yuan a year earlier, according to a filing on Thursday.
Country Garden “will not be the only one”, said Shujin Chen, analyst at Jefferies Financial Group. Chen expects more private developers to report 25% profit declines in the first half given weak sales. Country Garden said net income in the first half reached about 200 million yuan to 1 billion yuan, down from 15 billion yuan a year earlier. The company expects to report full results in the second half of August.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: No China Stimulus Good Enough for Stocks Fixated on Covid CurbsChina is ramping up efforts to revive its economy and boost market confidence. But, stock investors preoccupied with the damage inflicted by the nation’s strict Covid-Zero strategy aren’t buying it.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Sweden Turns to Burning Oil as Power Prices Soar to RecordSweden is relying on an old oil-fired power plant to keep the lights on in the south as a dearth of wind generation and nuclear outages sends prices to a record. And we in south africa are betting on renewable like wind to solve our power crisis. Renewable are not consistent and reliable. So, now it’s ok for Sweden to pollute the atmosphere? Where are all the environmental activists? Greta Thurnburg is a Swede nogal! Frauds, the lot!
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Glazer Family Open to Selling a Stake in Manchester United FC, Sources SayThe Glazer family would consider selling a minority stake in Manchester United FC, people familiar with the matter said, as pressure mounts on their ownership of the historic English football club.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Bolsonaro’s $8 Billion Stimulus Bet Falls Flat in New PollsPresident Jair Bolsonaro poured big money into the Brazilian economy to improve his re-election chances. So far, it hasn’t paid off.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Stocks drop, treasuries climb as sentiment sours: markets wrapAsian stocks fell and Treasuries rose after Federal Reserve minutes showed officials face a delicate balancing act to quell inflation while averting recession and as investors weighed a dim Chinese economic outlook.
Source: dailymaverick - 🏆 3. / 84 Read more »