(Reuters) -Embattled Chinese property developer Country Garden ( CTRYF ) on Friday forecast a bigger loss for the first half of fiscal 2025, citing higher asset impairments and reduced scale of real estate project settlements.

The company delivered a total of about 74,000 housing units in the first half, less than half of the over 150,000 deliveries in the same period last year.

It is anticipating a loss in the range of 18.5 billion yuan ($2.58 billion) to 21.5 billion yuan for the six months ended June, higher than the 15.1 billion yuan reported last year.

Once China's largest developer, the company defaulted on $11 billion in offshore bonds in late 2023, adding to a sector-wide crisis that had already seen high-profile failures, including that of China Evergrande Group ( EGRNF ).

Country Garden ( CTRYF ) also said gross profit margins remained low due to a fall in the scale of settlement for its real estate development projects. It has recorded higher impairments against its real estate projects.

($1 = 7.1792 Chinese yuan renminbi)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Devika Syamnath)