Evergrande Property Services flags sufficient working capital till 2024

Evergrande Property Services Group Ltd on Monday reported a 46.4% plunge in its fiscal 2022 profit, when compared with fiscal 2020, and said it would have sufficient working capital to meet its financial obligations up to 2024 through various measures aimed at boosting liquidity.

The property services unit of embattled China Evergrande Group said profit attributable for the year ended Dec. 31 was 1.42 billion yuan ($199.85 million), compared with 2.65 billion yuan in 2020.

“The group will have sufficient working capital to meet its financial obligations up to 30 June 2024,” Evergrande Property said.

The company did not declare a final dividend and said loss attributable in 2021 was 316.3 million yuan.

Shareholders of Evergrande’s EV unit agree on restructuring deal

Evergrande Property’s shares have been suspended since March 21, 2022, pending the company’s financial results and a probe into seized deposits worth $2 billion.

Evergrande Property’s results are also in focus as China Evergrande gave creditors a basket of options in its debt restructuring terms to swap their debt into some equity-linked instruments backed by the unit.