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DONGGUANG CHEM (01702.HK) expects its annual net profit to decrease by approximately 53%.
On March 4, Gelonghui reported that DONGGUANG CHEM (01702.HK) announced that it expects its net profit for the fiscal year ending December 31, 2024, will decrease by about 53% compared to the year ending December 31, 2023. The group's net profit decrease is mainly due to the overall decline in gross profit and gross margin. The decline in overall gross profit and gross margin is primarily due to the decrease in revenue from the sale of the group's main product, urea, mainly caused by the year-on-year decline in the average selling price of the product.
Express News | Dongguang Chemical Ltd Sees Decrease in Net Profit by About 53% for Year
DONGGUANG CHEM: PROFIT WARNING
Benign Growth For Dongguang Chemical Limited (HKG:1702) Underpins Stock's 27% Plummet
Express News | Dongguang Chemical - Amount of Additional Taxes for Unit Adjusted to RMB58.0 Mln
Dongguang Chem (01702.HK) has paid additional taxes.
On December 6, Gelonghui announced that Dongguang Chem (01702.HK) received a notification on November 21, 2024, from the tax inspection bureau of Cangzhou City, China, regarding a tax audit targeting Hebei Dongguang. According to the tax notice, Hebei Dongguang is required to pay additional taxes amounting to approximately 58.4 million yuan. As of the date of this announcement, the group has settled the additional tax payment. It is expected that this payment will have a certain impact on the group's overall profit for the year ending December 31, 2024.
