Sunac Services posts US$67.1 million loss for 2022, cites mounting pressure from China’s recurring Covid-19 outbreaks
- The property services unit of Sunac China Holdings posted a loss of 462.4 million yuan (US$67.1 million) last year, versus a profit of 1.35 billion yuan in 2021
- The company declared a final dividend of 0.137 yuan per share for 2022
Sunac Services Holdings posted a loss of 462.4 million yuan (US$67.1 million) last year, but expressed confidence that its performance would improve this year amid a recovery in China’s economy from the Covid-19 pandemic, according to its filing with the Hong Kong stock exchange on Monday.
“In 2023, China will see a pickup in its macro economy as favourable policies are leading to a gradual recovery of the real estate industry from setbacks, and the optimised Covid-19 prevention and control measures have ensured people’s daily lives and well-being,” the company said. “As a result, the property management industry will experience better development.”
Sunac Services declared a final dividend of 0.137 yuan per share for 2022 despite posting a loss, with the total payout amounting to 419 million yuan or about 55 per cent of the core net profit attributable to the owners. Sunac Services’ shares closed about 1.6 per cent lower on Monday.
Beijing’s strict zero-Covid policy caused growth to slow down in the world’s second- largest economy as routine lockdowns hobbled business activities for the better part of 2022.