Qilu Express (01576) announced its results for the first quarter of 2024, with revenue of about 571 million yuan, an increase of 1...
According to the Zhitong Finance App, Qilu Express (01576) announced results for the first quarter of 2024. Revenue was about 571 million yuan, up 1.5% year on year; profit was about 122 million yuan, down 26.12% year on year.
According to the announcement, the decrease in profit was mainly due to a decrease of about 43.59% in toll revenue received by the Group from the Jihe Expressway in the three-month period ending March 31, 2024 compared to the three-month period ending March 31, 2023. The main reason for the reduction in tolls on the Jihe Expressway is that since February 16, 2023, the company closed construction due to the Jihe Expressway renovation and expansion project. Half of the main line of the Jihe Expressway has passed, and some toll gates have been temporarily closed. As a result, traffic on the Jihe Expressway has dropped drastically, which has had a big impact on toll revenue.