China's Qinfa (00866) announced that the Group expects to obtain tax exemptions for the year ending December 31, 2023...
According to the Zhitong Finance App, China's Qin Fa (00866) announced that the Group expects to obtain profit after tax of not more than RMB 200 million for the year ended December 31, 2023, while profit after tax for the year ended December 31, 2022 is approximately RMB 490 million.
According to the announcement, the decrease in profit after tax was mainly due to the net impact of (i) the average coal sales price in 2023 decreased by about 21% compared to 2022; (ii) the 2023 coal operation and trade volume increased by about 15% compared to 2022; and (iii) the reduction in average coal sales prices led to impairment losses on property, plant and equipment, and coal mining rights.