Hopson Development 2022 Net HK$8.76B Vs. Net HK$9.76B >0754.HK

Hopson Development Holdings Ltd. saw its 2022 profit fall 10% due to lower revenue and a smaller gross profit margin.

The company reported a 2022 net loss of 8.76 billion Hong Kong dollar (US$1.12billion) while revenue fell 11% to HK$27.25billion amid a general decline in China's property sales.

The cost of sales will rise 7.8% in 2022, causing the gross profit margin for real estate developers to drop by 13 percentage points from 30% to 30%.

The company is expecting to finish a total gross area of 2,897.327 square meters in 2023 compared to 865.533 square metres for 2022.