Zall Smart Commerce Swings To RMB 1.15 Billion Interim Loss

Zall Smart Commerce Group (02098) posted an interim loss of RMB 1.15 billion for the six months ended June 30, compared with a profit of RMB 97.05 million a year earlier, and declared no interim dividend, according to ETNet. The company said the loss was mainly due to a net fair value loss of about RMB 1.13 billion on investment properties. Revenue fell 59.4% to RMB 36.9 billion, mainly because of lower income from its supply chain management and trading businesses. Gross profit dropped 19.6% to RMB 220 million, while the gross margin rose 0.3 percentage point to about 0.6% as the group reduced the share of lower-margin businesses and optimized its business structure to focus resources on higher-value-added operations.