+
Country Garden's Property Arm Predicts $150.03 Million Earnings Drop
Real Estate

Country Garden's Property Arm Predicts $150.03 Million Earnings Drop

The property services arm of Chinese builder Country Garden is expecting a drop of up to 1.10 billion yuan ($150.03 million) in annual earnings as its sanitation business plans to record an impairment charge for goodwill and tangible asset. The unit, Country Garden Services, said the impairment was primarily because the expansion of its sanitation business had not been carried out as was scheduled and expected in the past years, leading to a drop in both sales and profit. The long payment period of some customers of the sanitation business had also resulted in some "unsatisfactory" cash flows, Country Garden Services said in an exchange filing. It does not expect the charges to affect the normal operations of the firm, the company said, adding it had enough working capital and a stable business operation. The company expects to report its fiscal 2024 results in mid-to-late March 2025, it said. Property developer Country Garden, which has been in the middle of a prolonged local debt crisis, said last week it had proposed a deal to its offshore creditors to cut its debt by $11.6 billion.

The property services arm of Chinese builder Country Garden is expecting a drop of up to 1.10 billion yuan ($150.03 million) in annual earnings as its sanitation business plans to record an impairment charge for goodwill and tangible asset. The unit, Country Garden Services, said the impairment was primarily because the expansion of its sanitation business had not been carried out as was scheduled and expected in the past years, leading to a drop in both sales and profit. The long payment period of some customers of the sanitation business had also resulted in some unsatisfactory cash flows, Country Garden Services said in an exchange filing. It does not expect the charges to affect the normal operations of the firm, the company said, adding it had enough working capital and a stable business operation. The company expects to report its fiscal 2024 results in mid-to-late March 2025, it said. Property developer Country Garden, which has been in the middle of a prolonged local debt crisis, said last week it had proposed a deal to its offshore creditors to cut its debt by $11.6 billion.

Next Story
Technology

DEV IT Wins Rs 40.4 Mn tech deal with Alivus Lifesciences

Dev Information Technology, a global IT services company providing Cloud Services, Digital Transformation, Enterprise Applications, and Managed IT Services, with products like Talligence and ByteSigner, has secured significant orders worth approximately Rs 40.4 million from Alivus Lifesciences. The wins reflect DEVIT’s growing presence in the enterprise technology space and its ability to deliver value-driven IT solutions.The engagement includes a significant order of Rs 30.60 million for Microsoft Select Plus perpetual licenses. While the licenses will be billed directly by the Licensing So..

Next Story
Infrastructure Energy

CRISIL Rates ACME Raisar Solar's Rs 8.80 Bn Loan 'AA-/Stable'

CRISIL Ratings has assigned 'CRISIL AA-/Stable’ rating to long-term bank facilities of ACME Raisar Solar Energy, wholly owned subsidiary of ACME Solar Holdings. This rating is assigned to 300 MW (AC) capacity located in Fategarh, Rajasthan for its Rs 8.90 billion term loan facility from REC.CRISIL cited robust revenue visibility, strong financial metrics & debt servicing capability, and a secure cash flow mechanism as key strengths underpinning AA-/Stable rating, one of the highest ratings accorded by the rating agencies. The rating reflects ARSEPL's strong operational profile supported by a..

Next Story
Technology

L&T Tech Selected by TRATON as Key Partner for Global R&D Shift

L&T Technology Services, today announced that it has been chosen by the TRATON GROUP, one of the world’s leading manufacturers of commercial vehicles, as a strategic engineering partner. This collaboration in LTTS’ Mobility segment will support TRATON’s roadmap to build a unified, future-ready product- development platform that delivers scale, speed, and sustainable mobility solutions worldwide.TRATON is reshaping its global R&D ecosystem to unlock cross-brand synergies while expanding the share of battery-electric vehicles in line with its 2029 profitability and sustainability t..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?