Zhitong Finance App News, Xinrong International (01587) announced that the group expects shareholders to account for no more than RMB 21 million in profit in 2023, while profit attributable to shareholders in 2022 will be RMB 47 million.
According to the announcement, the expected profit reduction is mainly due to the Group's impairment provision of approximately RMB 11 million on trade receivables owed by a customer; the Group's profit reduction of approximately RMB 4.6 million during the relevant period, mainly due to the passive reduction of the Group's equity in Tianye Innovation Co., Ltd., which led to the dilution of equity interests; and the reduction in field profit during the relevant period; and an increase in foreign exchange costs of about RMB 3.7 million.