Sany Heavy Equipment Issues Profit Warning Due to Impairment Losses

Sany Heavy Equipment International Holdings Co ( (HK:0631) ) has shared an update.

Sany Heavy Equipment International Holdings Co has issued a profit warning due to one-off impairment losses amounting to RMB750.0 million, significantly impacting its financial performance for the year ending December 2024. The impairment losses are attributed to goodwill in the oil and gas equipment business and properties for sale, leading to an expected reduction in net profit by 25% to 45% compared to the previous year. The decrease in net profit is influenced by a decline in industry demand and a strategic decision to control receivable risks and abandon high-risk orders. Despite these challenges, the company emphasizes that these are non-cash expenses and do not affect its cash flow.

More about Sany Heavy Equipment International Holdings Co

Sany Heavy Equipment International Holdings Co is a company incorporated in the Cayman Islands, engaged in the manufacturing industry with a focus on heavy equipment. The company operates in various sectors, including the oil and gas equipment business, and is listed on The Stock Exchange of Hong Kong Limited.

YTD Price Performance: -1.05%

Average Trading Volume: 25,198

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $1.82B

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