Dow Jones Newswires: Country Garden Services shares slump in Hong Kong after profit warning

by | Mar 5, 2023 | Stock Market

Country Garden Services Holdings Co.’s shares
slumped Monday after the company issued a profit alert for 2022. Shares were recently 9.0% lower at 14.60 Hong Kong dollars (US$1.86) after earlier touching HK$14.22, the lowest intraday level since Nov. 11, according to FactSet.

For 2022, Country Garden Services’ unaudited profit before tax, net profit and net profit attributable to shareholders are expected to fall by about 34%-40%, 45%-51% and 51%-57%, respectively, the residential property-management service provider said in a filing to the Hong Kong stock exchange late Friday. The company also said its consolidated revenue and core net profit attributable to shareholders for 2022 are expected to rise by more than 40% and 5%, respectively.

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