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CONGYU INTE AGR: Interim Report 2024
Yuzhi Nong (00875) announced its interim performance, with a shareholder's share of profit of 9.281 million Hong Kong dollars.
According to the interim performance report released by Yu Zhi Nong (00875) for the six months ended June 30, 2024, the group achieved...
CONGYU INTE AGR: INTERIM RESULTS ANNOUNCEMENTFOR THE SIX MONTHS ENDED 30 JUNE 2024
Yuzhi Nong (00875.HK) is expected to have a net profit of no more than 6 million yuan in the first half of the year according to the profit warning.
Yuzhi Nong (00875.HK) issued a profit warning, expecting a net profit of not more than 6 million yuan in the first half of the year, a decrease of about 30.1 million yuan compared to the same period last year, a year-on-year decline of 80.1%. The company stated that the decrease in net profit during the period is mainly due to the economic downturn in china leading to a decrease in revenue; the consulting fees for the design of business development strategies provided by the group's food trading division led to an increase in administrative and other expenses; the confirmation of impairment losses on trade receivables, while in the same period last year, the impairment losses on trade receivables were reversed, due to the recovery of impaired trade receivables in the same period last year.
Yu Chi Nong (00875.HK) is expected to have a significant decrease in net profit for the interim period.
According to the announcement from Jade Intelligence Farm (00875.HK) on August 28th, the company expects to record a net profit of no more than 6.0 million Hong Kong dollars for the six months ending on June 30, 2024, while the net profit for the same period in 2023 was about 30.1 million Hong Kong dollars. The decrease in the group's net profit is mainly attributed to an increase in administrative and other expenses due to the increase in consulting fees for business development strategy design services provided by the group's food trading division during the reporting period; and (iii) the recognition of trade accounts receivable impairment losses during the reporting period, whereas a reversal of trade accounts receivable impairment losses was recognized during the same period in 2023, which was due to...
CONGYU INTE AGR: PROFIT WARNING
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