Xinchen Power (01148) issued an announcement. The company expects to obtain rights for the year ending December 31, 2023...
According to the Zhitong Finance App, Xinchen Dynamics (01148) announced that the company expects to obtain profit attributable to equity shareholders of approximately RMB 41.1 million for the year ended December 31, 2023, and losses attributable to equity shareholders of approximately RMB 116 million for the year ended December 31, 2022.
According to the announcement, the Group lost money in 2022 and is expected to profit in 2023, mainly due to the following reasons: 1) an increase in gross profit from trading range extenders; 2) an increase in profit due to an associated company (a company controlled by Ideal Vehicle); 3) sales of crankshafts and connecting rods rebounded after the COVID-19 pandemic; and 4) a loan denominated in foreign currency was fully repaid at the beginning of the period, so there was no confirmation of unrealized foreign exchange losses at the end of the period.