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03333 EVERGRANDE
RTNominal down15.700 -0.560 (-3.444%)
Others

17/08/2020 10:25

Evergrande (03333) sees 46% decrease in interim net

[ET Net News Agency, 17 August 2020] China Evergrande Group (03333) said the group
expects that there will be a decrease in the net profit from the core business of the
group and the net profit for the six months ended 30 June 2020 as compared with the same
period last year. Of which, the net profit from the core business is expected to be
approximately RMB19.3 billion, a decrease of approximately 37% from that of the same
period last year, and the net profit is expected to be approximately RMB14.7 billion, a
decrease of approximately 46% from that of the same period last year.
The decrease in profit for the first half of 2020 is mainly attributable to the effect
of the COVID-19 pandemic outbreak and the group's national sales promotion activities that
provided discount to selling prices, the increase in marketing expenses, the foreign
exchange losses caused by the fluctuation in foreign exchange rates during the period, and
the investment in new energy vehicles by a subsidiary which led to consolidated statement
losses. (RC)

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