(Yicai) Dec 19 – Shares of Country Garden Services Holdings sank after the Chinese property management arm of Country Garden Holdings said its net profit is expected to fall from CNY 3.2 billion to CNY 4.1 billion (USD 447.8 million to USD 573). .7 million) this year due to asset impairment.
Country garden service [HKG: 6098] closed 11.6 percent lower at HKD6.12 (80 US cents) today, resulting in a decline of nearly 70 percent since the beginning of this year.
The manager of residential buildings and industrial parks will mark an impairment of goodwill and other intangible assets in the amount of CNY 1.4 billion to CNY 1.8 billion, mainly because some affiliates did not work on schedule and some businesses existing are suitable, the Foshan. A subsidiary based on the distressed property giant wrote yesterday in a stock exchange filing. Some customers’ payment cycles are getting longer so cash flows are not satisfactory, he added.
In addition, trade receivables due from related parties are expected to result in impairments of CNY 1.8 billion to CNY 2.3 billion this year, the firm said. The main reason is that these parties who are involved in property development and related companies are facing transient liquidity pressures, he explained. The company said that it makes impairments so large because it is prudent.
“The above-mentioned business does not affect the normal operation of the group,” said Country Garden Services, adding that currently, the group has plenty of funds for sustainable and stable operations. Country Garden Services has been actively adjusting its business strategy as the scale of related party business was already reduced from last year, he said. The company will make great efforts to advance the recovery of trade receivables of various types, he added.
In the first half, trade receivables from related parties reached CNY 2.3 billion, up 33 percent from a year ago, according to interim results. Third-party receivables increased by 13 percent to CNY 16.1 billion (USD 2.3 billion).
Chief Financial Officer Huang Peng said in August that Country Garden Services would reduce some related transaction services when necessary.
Publisher: Emmi Laine
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