Jiaxing Gas (09908) announced that the group's expected profit attributable to owners of the parent company for the six months ending on June 30, 2024...
Jiaxing Gas (09908) announced that the expected profit attributable to owners of the parent company for the six months ending on June 30, 2024 is expected to decrease by about 40%-53% compared to the six months ending on June 30, 2023 (RMB 0.159 billion yuan), to approximately RMB 75 million yuan to RMB 95 million yuan. Smart Stock News APP reported the announcement.
The announcement stated that the expected decrease in profit attributable to owners of the parent company for the six months ending in 2024 is mainly due to the decrease in gross profit of Hangjiaxin Clean Energy Co., Ltd. (Hangjiaxin), a joint venture of the company with 51% equity ownership and viewed as a subsidiary of the company under applicable accounting standards and listing rules. Due to the decline in international market liquefied natural gas sales prices in the first half of 2024, Hangjiaxin could not maintain a gross profit level similar to the first half of 2023 through the relatively low purchase price of liquefied natural gas under long-term purchase agreements signed with its suppliers. Therefore, it is expected that Hangjiaxin's net profit will decrease by about 78% in the six months ending on June 30, 2024, to RMB 59.774 million yuan (June 2023: RMB 0.27 billion yuan).