Gelonghui November 14 | Jinshan Technology Industry (00040.HK) announced that the company expects to record a small profit of not more than HK$10,000,000 in profit attributable to company owners during the six-month period ending September 30, 2023. In the six-month period ending September 30, 2022, the profit attributable to owners of the restructured company is HK$75,700,000.
On December 30, 2022, Xuanyu Science & Technology Innovation Co., Ltd. completed the acquisition of Yuanhui Optoelectronics Technology Co., Ltd., since the shares of the two companies previously belonged to the same controlling shareholder, the equity accounting of the joint venture company had to be restructured. According to this, the profit attributable to the group's company owners for the same period last year was reclassified from HK$62,400,000 to HK$75,700,000. The Group recorded an increase in gross profit during this period and reduced sales and administrative expenses through stricter cost control measures, with a total additional contribution of approximately HK$78,000,000.
However, this additional contribution was offset by the following factors: (i) no income of HK$70,700,000 from the sale of all 29.28% of the shares of Xinshengli Technology Co., Ltd. in the same period last year and the non-recurring income of HK$60,200,000 from the sale of all 100% shares of Huizhou Times Battery Co., Ltd.; and (ii) the Group's financial costs in the first half of this year increased by approximately HK$35,000,000 compared to the same period last year, mainly due to an increase in global bank loan interest rates.