Chinese property manager Greentown Service faces worst day on record after profit drop

Greentown Service

29/08/2022 05:58

** Shares of Chinese property management group Greentown
Service Group Co Ltd  2869.HK  plunge as much as 17.8% to
HK$5.55 - set to mark biggest daily pct decline since debut in
July 2016 if losses hold
    ** Stock hits the lowest since March 16; biggest pct loser
in the Composite Index on properties and construction stocks
 .HSCIPC  and the Hang Seng Composite Index  .HSCI  
    ** Zhejiang-based co says H1 net profit fell 37.6% from a
year ago to 341.1 mln yuan ($49.33 mln) amid an increase in
provision for asset impairment losses and staff  urn:newsml:reuters.com:*:nFWN3020YN
    ** Says net profit margin decreased to 5.4% from 9.9% in H1
2021 
    ** The Hang Seng Mainland Properties Index  .HSMPI  drops
2.6% and the Hang Seng Composite Index on properties and
construction stocks falls 1.7%
    ** The Hang Seng Composite Index eases 0.9% and the Hang
Seng Index  .HSI  slips 0.7%
    ** As of last close, the stock had slid 5.8% this year
    ($1 = 6.9140 yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))