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25/02/2022 14:47

Shinelong (01930) sees 25.2% decrease in year profit

[ET Net News Agency, 25 February 2022] Shinelong Automotive Lightweight Application
Limited (01930) said for the year ended 31 December 2021, the group is expected to record
a net profit attributable to owners of the company of approximately RMB21.2 million,
representing a decrease of approximately 25.2% as compared to that of approximately
RMB28.3 million for the year ended 31 December 2020.
The decrease was mainly attributable to the combined effects of (i) decrease in gross
profit margin as a result of sales discounts offered to some of the group's major
customers and fierce competition; (ii) the absence of revenue from the sales of health
protective appliance moulds for FY2021 as the novel coronavirus disease 2019 was
relatively under control in the PRC; (iii) increase in other income arising from the
disposal of plant and land; and (iv) decrease in general and administrative expenses. (RC)

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