Pan Hong guides for H1 turnaround on project completion
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Michelle Zhu
PAN Hong expects to report profit after tax for its first half ended September, reversing from a loss after tax posted in H1 FY2023.
On Tuesday (Oct 31), the property developer said it anticipated higher H1 FY2024 revenue due to the transfer of control of more property units at Run Ze Yuan, upon the project’s completion during the latest half-year period.
As the group is primarily engaged in property development, revenue recognition depends on the launch of new projects and the transfer of control of sold properties.
Revenue and profit over periods will therefore “appear irregular”, said Pan Hong.
Over H1 FY2023, Pan Hong reported revenue of 18.5 million yuan (S$3.5 million), resulting in a net loss of five million yuan for the half-year period.
The group said it is in the process of finalising its unaudited financial results for H1 FY2024, which it expects to release on or before Nov 14.
Shares of mainboard-listed Pan Hong were trading flat at S$0.074 as at 1.09 pm, after the group issued its profit guidance.
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