Zheneng Jinjiang Environment BWM has reported earnings of RMB325.0 million ($63.1 million) for the FY2022 ended Dec 31, 2022, 24.8% lower than FY2021’s earnings of RMB432.5 million.
The decline in earnings includes an unrealised foreign exchange (forex) loss in relation to the group’s net foreign currency borrowings during the year.
Excluding the forex loss, the group’s earnings would have been up by 33.5% y-o-y to RMB540.3 million.
During the 4QFY2022, the group’s earnings grew by 63.1% y-o-y to RMB277.3 million.
Revenue for the FY2022 fell by 0.7% y-o-y to RMB4.07 billion as the decline in revenue for the construction services provided under BOT concession agreements more than offset the increase in revenue from the waste-to-energy (WTE) business.
Gross profit, however, grew by 10.7% y-o-y to RMB1.16 billion due to the lower cost of sales and improved gross profit margin (GPM) for the WTE segment.
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As at Dec 31, 2022, cash and cash equivalents stood at RMB627.0 million.
No dividend has been declared for the period.
Shares in Zheneng Jinjiang closed flat at 40 cents on Feb 27.
