In a profit guidance filing, the company says it also expects to report lower revenue for FY2023 compared to its FY2022 results, due to lower transfers of control in Pan Hong Run He property units.

Pan Hong reported revenue and profit after tax of RMB314.7 million and RMB68.8 for its FY2022.

“As the group is primarily engaged in property development business, revenue recognition is dependent on the launch of new projects and transfer of control of sold properties,” says Pan Hong. “Consequently, revenue and profit for the group looking across periods will appear irregular.”

Pan Hong has advised that further details of its performance will be set out in the company’s unaudited financial results for FY2023, to be released on or before May 30.

Shares in Pan Hong closed flat at 10.6 cents on May 12.

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