International Precision (00929) issued an announcement expecting the company's net profit after tax for the year ended December 31, 2023...
Zhitong Finance App News, International Precision (00929) announced that the company's net profit after tax for the year ended December 31, 2023 will decrease by about 45% compared with the previous year. The decrease in the Group's net profit after tax was mainly due to: the Group's overall sales fell by about 7% in 2023; the Group subsidiary benefited from the devaluation of RMB and generated large exchange gains in the previous year, and the subsidiary's RMB debt was reduced compared to last year, so exchange earnings for 2023 declined significantly compared to the previous year; and loan interest rates continued to rise in 2022 following the pace of US interest rate hikes, which led to a sharp rise in borrowing costs in 2023.