Glorious Property (00845) said it recorded a loss attributable to the owners of Rmb2,996 million for the year ended 31 December 2014, as compared to the profit of Rmb292 million for the previous financial year.
The basic and diluted loss per share was Rmb38 cents.
The revenue was Rmb4,263 million, a decrease of 48.1% from a year earlier.
The Group's gross profit margin was negative 22.4% for the year 2014, as compared to 12.8% for 2013 mainly because the increase in the average selling price was smaller than the increase in the average cost of sales for the properties sold and delivered in the current year, while at the same time the provision for impairment of the Group's properties increased significantly from Rmb285.6 million for 2013 to Rmb1,138.8 million for 2014.
No final dividend will be distributed.
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