SINO-OCEAN GP (03377) reports profit gains, expecting to achieve shareholders' attributable profits of approximately 9.5-11 billion yuan in the middle term, turning losses into gains year-on-year.

SINO-OCEAN GP (03377) announced that it is expected to achieve a profit attributable to owners of the company of approximately RMB 9.5 billion to RMB 11 billion for the six months ending June 30, 2025, while in the same period in 2024, a loss of approximately RMB 5.382 billion was incurred. Based on available information, the expected profit for this period is mainly due to non-cash gains from the completion of overseas debt restructuring by the group. Excluding the impact of the one-time overseas debt restructuring gains mentioned above, the group is expected to incur a loss attributable to owners of the company in this period, mainly due to (i) the continuous adjustment of the overall real estate market in China in recent years, leading to a decrease in revenue and gross profit margins, as well as an increase in impairment provisions made for property projects; and (ii) a decline in the performance of joint ventures and associated companies.