China Gas Industry Foresees Profit Dip

China Gas Industry Investment Holdings Co.Ltd. (HK:1940) has released an update.

China Gas Industry Investment Holdings Co. Ltd. has announced an expected profit after tax of no less than RMB50 million for the first half of 2024, a decrease from the RMB69.5 million in the same period of 2023, primarily due to approximately RMB38 million in impairment losses on property, plant, and equipment. The company attributes the loss in part to an exit and relocation plan affecting a major customer, yet cost-saving measures have helped mitigate the impact. They also plan to auction off the impaired assets and an LNG filling station post-period.

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