PROPERTY developer Pan Hong on Friday (May 12) said it expects net losses for its 2023 financial year ended Mar 31. The drop in revenue is due to fewer transfer of control of units from a property project compared to the previous year. The development in question is the 978-unit Pan Hong Run He, as stated in a bourse filing by Pan Hong, which develops residential and commercial properties in China. The company said, given that it is primarily engaged in the business of property development, revenue recognition is dependent on the launch of new projects and the transfer of control of sold properties.

Thus, the group’s revenue and profit looking across periods will appear irregular, it stated.

Details of the group’s performance will be set out in the company’s unaudited financial results for FY2023, which is expected on or before May 30.

In the meantime, the board is advising the company’s shareholders and investors to exercise caution when dealing in its shares, it said.

Shares of Pan Hong closed flat at S$0.106 on Friday.