The Singapore-listed group’s revenue declined 42% to 16.4 billion yuan, from 28.6 billion yuan in 2023
YANLORD Land Group’s loss in the second half of financial year 2024 widened to 2.9 billion yuan (S$538.4 million) from two billion yuan in the year-ago period, weighed down by the dismal Chinese property market.
The Singapore-listed group’s revenue for the period declined by 42 per cent to 16.4 billion yuan, from 28.6 billion yuan in 2023, according to the financial results filed on Thursday (Feb 27).
This was a result of a lower average selling price per square metre, stemming from a change in the composition of the product mix delivered.
Cost of sales comprising mainly land, construction and capitalised borrowing costs, included a write-down of 2.6 billion yuan in completed properties for sale and properties under development for sale, as the estimated net realisable value was lower than the development costs of projects in Wuxi, Shenzhen, Yancheng, Yangzhou and Chengdu.
Loss per share was 1.5203 yuan while the loss per share for the year-ago period was 1.0504 yuan.
The board of directors does not recommend a dividend for FY2024 as it was loss-making. No dividend was recommended for FY 2023 either.
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For FY2024, net loss was 3.4 billion yuan, compared with 933.6 million for FY2023. Revenue decreased by 16 per cent to 36.4 billion yuan from 43.4 billion yuan.
Net asset value per share was 15.92 yuan as at end-FY2024, compared with 17.77 per share as at end FY2023.
Total debt decreased by 21.1 per cent to 26.4 billion yuan, while net gearing ratio decreased by 5.4 percentage points to 41.3 per cent as at end-FY2024.
Yanlord Land shares closed 1.6 per cent or S$0.01 at S$0.605 on Thursday, before the financial results were published.
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