China Merchants Shekou profit drops in preliminary 2024 results

China Merchants Shekou Industrial Zone Holdings (SZSE:001979) has released its preliminary financial results for 2024, revealing a mixed performance. While total operating revenue edged up by 2.25% to 17.89 billion yuan, operating profit saw a substantial decrease of 36.54% to 900 million yuan. Net profit attributable to shareholders also fell by 36.09% to 403.86 million yuan. The decline in profitability is attributed to lower gross profit margins on project settlements and increased provisions for impairment losses on real estate projects. Basic earnings per share decreased to 0.37 yuan. The company's cash flow from operating activities increased by 1.69% to 31.96 billion yuan, and cash holdings increased by 13.66% to 100.35 billion yuan.