Tue, Sep 3, 7:00 PM (133 days ago)
Sunrise Real Estate Group, Inc. reported significant declines in financial performance for the second quarter and first half of 2024 compared to the same periods in 2023. Quarterly revenues dropped by 37% to $4,448,410, while year-to-date revenues fell 50% to $6,348,124, primarily due to reduced sales from the Huaian project. Gross profit decreased correspondingly, leading to an operating loss of $349,209 for Q2 2024, compared to a loss of $132,335 in Q2 2023. The company's cash position improved to $27,712,305, primarily from investing activities, which generated $8,936,327. However, operating activities consumed $4,137,475. The substantial losses in other income, particularly a $6,545,190 loss attributed to stock market investments, compounded the overall net loss for the period, which amounted to $4,285,006. Management acknowledged uncertainties in the market and emphasized the need for strategic partnerships and investments in property development to stabilize future operations. The company continues to face challenges in revenue generation and cost management, impacting its quarterly performance metrics.