Lower tax rate prompts China Jinjiang to revise up 2018 profit by 23.9m yuan

Singapore

CHINESE waste-to-energy firm China Jinjiang Environment Holding Company on Friday said a 23.9 million yuan (S$4.8 million) difference between its audited and unaudited 2018 net profit was due to a subsidiary enjoying a retrospectively lower tax rate, after being certified as a "national high-tech enterprise".

Accordingly, audited full-year net profit was 565 million yuan for 2018, up from the 541.1 million yuan profit reported in its unaudited financial statements.