[ET Net News Agency, 26 February 2021] Ronshine China Holdings Limited (03301) said it
is expected that the group's profit attributable to owners of the company for the year
ended 31 December 2020 will decrease by approximately 20% to 30%, as compared to that for
the year ended 31 December 2019.
There has been a delay in the progress of some projects developed by the group and the
delivery of properties as affected by the COVID-19 outbreak, leading to deferred
recognition of revenue and profit. Also, subject to national real estate-related
regulatory policies, gross profit margin of some properties sold by the group was lower.
Properties accounted for a relatively high percentage of deliveries during the year and
this results in a decrease in the average gross profit margin of the property portfolio
for which revenue is recognized this year. (RC)