China New City Group anticipates significant FY2024 profit

China New City Group Limited (HKEX:1321) has issued a positive profit alert, anticipating a net profit ranging from RMB400 million to RMB500 million for the year ended December 31, 2024. This marks a significant reversal from the net loss of approximately RMB425.1 million recorded in the previous year. The expected turnaround is primarily attributed to revenue recognized from properties delivered by the International Office Centre (IOC) project, which demonstrated strong sales performance during FY2024, and improved cost control efficiency resulting from effective cost management strategies. The announcement is based on a preliminary review of unaudited consolidated management accounts, and the final results will be disclosed in the annual results announcement expected on March 27, 2025. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.