[ET Net News Agency, 22 February 2019] China Huarong Asset Management Co., Ltd. (02799)
said the group is expected to record a 90% to 95% decrease in the net profit attributable
to the shareholders of the company for the year ended 31 December 2018 as compared to the
corresponding period in 2017.
The decrease was mainly due to (1) a greater fall in valuation of some financial assets
held by the group, which was affected by the great fluctuations in capital market after
the group implemented the International Financial Reporting Standard 9 - Financial
Instruments in 2018; (2) a greater loss attributable to the shareholders of the company
incurred by the non-financial subsidiaries of the group, which was affected by the group's
reduction in non-principal and uncompetitive businesses, market environment and credit
risk exposure, etc; (3) a significant increase in the interest expenses of the group in
the current period as compared to the corresponding period in 2017, which was affected by
the financing scale. (RC)
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02799 CITIC FAMC
Nominal 
0.310 +0.010 (+3.333%) Others
22/02/2019 10:43
China Huarong (02799) expects 90-95% decrease in year net
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