On March 12, GLONGHUI | Taizhou Water (01542.HK) announced that for the year ended December 31, 2023, the Group is expected to record an expected loss of about RMB 68.33 million to RMB 98.33 million for the year ended 31 December 2022, while the profit attributable to the owner of the parent company was approximately RMB 55.9 million for the year ended 31 December 2022.
According to the announcement, the expected losses due to the owners of the parent company this year are mainly due to the successive transformation of the Taizhou Water Supply System (Phase III) and the Taizhou Water Supply System (Phase IV) in the second half of 2022. Compared with 2022, the two construction projects in 2023 will accrue depreciation and amortization and project loan interest expenses throughout the year.