China Jinjiang Environment's Q3 bottom line down 28%
China Jinjiang Environment Holding Company posted a 28 per cent drop year on year in net profit for Q3 2017 to 100.82 million yuan (S$20.7 million) on the back of lower gross profit.
Revenue was nearly 12 per cent lower at 580.41 million yuan on lower revenue from its business segments.
Earnings per share fell to 8.28 fen in Q3 2017, down from 12.29 fen a year earlier.
Separately, it also announced that its wholly owned subsidiaries, Gevin and Lin'an Jiasheng Environment Co, had on Sept 30 entered into a sale and purchase agreement with Zhejiang Kangrui Investment to sell a combined 42 per cent stake in Inner Mongolia Pulate Transportation Energy Co for 67.2 million yuan.
Zhejiang Kangrui is wholly owned by Dou Baibing, the daughter of China Jinjiang's controlling shareholder Dou Zhenggang; this makes the sale an interested party transaction.
The disposal is expected to be completed in early 2018.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance