China Evergrande Expects 2019 Net Profit to Fall 50%; Shares Down 15%

This post was originally published on this site
© Reuters. © Reuters.

By Alex Ho – Evergrande Real Estate Group Ltd (HK:)’s shares in Hong Kong plunged 15% on Monday in Asia after the company said it expects its 2019 net profit to fall 50%. 

In a statement released on Sunday, the developer issued a profit warning and said the clearance of properties had lowered the group’s unit sales price. Net profit for the year is expected to be about CNY 33.5 billion, Evergrande said. 

Evergrande also noted that it expects net profit from its core business to decrease 48% to CNY 40.8 billion.

Shares of the developer last traded at HK$10.16 per share by 10:50 AM ET (02:50 GMT), down 15.1%. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment