2023-08-27 22:33:13
Posted on: Monday, August 28, 2023 – 1:32 am | Last updated: Monday, August 28, 2023 – 1:33 AM
China’s Evergrande Group reported a loss of $4.5 billion in the first half of the year as the world’s most indebted real estate developer continues plans to resume share trading and its long debt restructuring process.
According to Bloomberg news agency, quoting a statement issued today, Sunday, that the company recorded a loss attributable to shareholders of 33 billion yuan (4.5 billion dollars) for the six months ending on June 30.
Profit or loss attributable to shareholders means profit or loss following income tax, minority interest, and extraordinary items.
This is in addition to losses of more than 582 billion yuan from the previous two years, which are the first losses over two years incurred by the company since it was listed on the stock exchange in 2009.
The result highlights how Evergrande has struggled in the midst of a housing crisis that has hit the world’s second largest economy in the past two years.
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