Sino-Singapore Jingwei, March 26. On the evening of the 25th, Shimao Group announced on the Hong Kong Stock Exchange that it is expected that the profit attributable to shareholders and the core profit of shareholders for the year ended December 31, 2021 will decrease by about 62% and 57% respectively compared with the same period last year. %.
As for the reasons for the decline, Shimao Group said that it was mainly due to the severe environmental impact of the real estate industry in the second half of 2021, the sales revenue recorded by the group in 2021 decreased and the gross profit margin decreased, the provision for inventory impairment, accounts receivable It was caused by a combination of factors such as an increase in the provision for expected credit losses, an increase in marketing and marketing costs due to fierce market competition and increased sales difficulty, and a loss in the sale of project equity.
In addition, the announcement disclosed that PricewaterhouseCoopers (PricewaterhouseCoopers) has resigned as auditor at the company’s recommendation, effective from March 24, 2022.
Regarding the reasons for the resignation, Shimao Group announced that PricewaterhouseCoopers stated in its resignation letter that it requested information on certain trust loan arrangements involving joint ventures and associates of Shimao Group; review; and due to restrictions imposed by the COVID-19 pandemic, the company was unable to complete the review and provide all the information requested by Price on March 24, 2022. Therefore, PricewaterhouseCoopers cannot identify additional audit work or commit to a clear timetable for completion of the audit.
Earlier, Shimao Group announced on March 21 that it is expected that the audited annual results for 2021 will be delayed. The main reasons were firstly that certain management and employees of the Group were placed under quarantine during the latest wave of COVID-19, and secondly, there was a delay in obtaining certain external confirmation letters from third parties for audit work. (Sino-Singapore Jingwei APP)Return to Sohu, see more
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