China Jicheng Holdings (HKG:1027) has issued a positive profit alert, expecting to record a net profit of approximately 11 million yuan for the year ended Dec. 31, 2024, compared to a net loss of approximately 93 million yuan in the previous year.
This turnaround is primarily attributed to a revenue increase of approximately 59 million yuan, driven by improved market conditions and higher demand for Nylon umbrellas and umbrella parts, according to its Friday bourse filing.
The turnaround is also due to a reversal of impairment losses on expected credit losses amounting to approximately 36 million yuan, compared to impairment losses of RMB69 million recognized in 2023.
The information provided is based on the Board's preliminary assessment of the group's latest unaudited consolidated management accounts and has not yet been reviewed by the company's audit committee or auditors.
The company is finalizing its results announcement for the year ended Dec. 31, 2024, which is expected to be released before the end of March 2025 in compliance with the Listing Rules.
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