China property developer Logan says to post up to $117 mln loss in H1

Logan

21/08/2022 13:51

Aug 21 (Reuters) - Logan Group Co Ltd  3380.HK :
    --  Expects to record a net loss between 500 million yuan to
800 million yuan ($73.4 million - $117.4 million) in the first
six months
    -- Loss was due to decline in delivery as the COVID-19
pandemic caused delays in the construction progress
    -- Decline in sales during the period due to the continuing
downturn of the real estate industry
    -- Decrease in gross profit margin caused by recognition of
some projects with lower gross profit

($1 = 6.8164 Chinese yuan renminbi)

 (Reporting by Clare Jim; Editing by Toby Chopra)
 ((clare.jim@thomsonreuters.com;))