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Centenary United Sees Plunge in 2021 Profit

MT Newswires ·  {{timeTz}}

05:49 AM EDT, 03/14/2022 (MT Newswires) -- Centenary United Holdings (HKG:1959) expects net profit after tax to slump to 2 million yuan ($314,475) in 2021 from 21.5 million yuan a year prior, according to a Monday filing.

The automotive services provider attributed the forecast slide in profit to several factors, including lower gross profit of insurance agency services, higher employee salary expenses, and a provision made for the suspected embezzlement of a unit's former employee.

Revenue for the reported period is forecast to inch up to 2 billion yuan year over year from 1.9 billion yuan, helped by incentive rebates from automobile manufacturers.

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