Metropolis Cap (08621) announced that as of June 30, 2023...
Metropolis Cap (08621) announced that for the six months period ended June 30, 2023, the pre-tax profit was about RMB 10.8 million, which is expected to decrease by about 50% for the six months period ended June 30, 2024. The decrease is mainly due to the reversal of allowance for impairment of finance lease receivables and post sale-leaseback arrangement-related receivables during the corresponding period into allowance for impairment of lease receivables during the reporting period, and the increase in other operating expenses, some of which were offset by the increase in revenue, primarily due to an increase in revenue from finance lease consulting services, and the net amount reversed for the allowance for impairment of factored receivables. The decrease in finance costs also contributed to the decrease in profit.
During the reporting period, the Group recorded a net reversal of allowance for impairment of lease receivables of about RMB 1 million, compared to a net reversal of allowance for impairment of lease receivables of about RMB 11.9 million during the corresponding period, mainly due to the Group's recovery of long overdue lease receivables from a major customer during the reporting period. The Group recorded a net reversal of allowance for impairment of factored receivables of about RMB 2.4 million during the reporting period, compared to the recognition of allowance for impairment of factored receivables of about RMB 0.9 million during the corresponding period. The improvement in the net allowance for impairment of factored receivables is mainly due to the collection of several factored receivables that were previously past due. The management will continue to monitor the performance of the Group's assets and take appropriate actions in a timely manner.
