Chongqing Machinery & Electric Co., Ltd. Announces Consolidated Earnings Guidance for the Year Ended December 31, 2019
March 13, 2020 at 08:33 am EDT
Chongqing Machinery & Electric Co., Ltd. announced consolidated earnings guidance for the year ended December 31, 2019. Based on the preliminary review and assessment of the above information by the management, the company expects that the net profit attributable to the shareholders of the Company for the year ended 31 December 2019 will decrease by approximately 55%-60% as compared to the same period in 2018. The decrease was mainly attributable to (i) the weakened market demands which resulted from the domestic and international economic downturn, (ii) the shrinked profit margins which were caused by the intensified market competition, and (iii) the impairment provision for receivables from the rubber trade business of approximately RMB 85.60 million.