China Vanke posts first-quarter loss amid slump in property sector
By Kimberley Kao
China Vanke (HK:2202) posted a first-quarter loss as earnings were weighed by the ongoing slump in China's property sector.
The company, one of China's largest property developers, late Monday announced a net loss of 361.97 million yuan ($50 million) for the first three months of the year. That compared with a net profit of CNY1.46 billion in the same period a year earlier.
Revenue fell 10% on year to CNY61.59 billion. Cash and cash equivalents fell 41% on year to CNY80.82 billion.
The Shenzhen-based company said the "domestic commercial housing market continued to be under pressure" in the first quarter of the year, leading to a slide in sales.
Its Hong-Kong listed shares fell 5.7% to 4.67 Hong Kong dollars (US$0.60) in early trade Tuesday.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-29-24 2159ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
The 10 Best Companies to Invest in Now
-
New 4-Star Stocks
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth