【Corporate Profit Warning】Yunnan Construction Investment Concrete's mid-term loss expands to 49.6 million RMB, with increased impairment losses
Yunnan Construction Investment Concrete announced a mid-term profit warning, expecting a mid-term net loss of approximately RMB 49.6 million for the period ending June 30, which is an increase from a loss of RMB 20.7 million in the same period last year. Although total operating revenue grew by about 17.7% to RMB 660 million in the first half of the year, the large base of accounts receivable led to a provision for credit impairment losses of approximately RMB 83.3 million, an increase of about RMB 60.6 million year-on-year, resulting in an expanded loss. The group expects to announce its formal results in late August
According to a report from Economic Information Daily on the 14th, Yunnan Construction Investment Concrete (01847) announced that it expects a net loss of approximately HKD 49.6 million (RMB, the same below) for the six months ending June 30, which is an increase from a net loss of approximately HKD 20.7 million in the same period last year.
The group stated that total operating revenue in the first half of the year grew by approximately 17.7% to about HKD 660 million, but the loss widened due to a large base of receivables, with a provision for credit impairment losses on receivables of approximately HKD 83.3 million, an increase of about HKD 60.6 million year-on-year.
The group expects to announce its results in late August. (wh)
