Business· Markets· Equity

Shanghai Electric Group released prelim Q1 results, net profit jumped almost 5-folds

minutes 2021/04/19 07:01:53

Apr 19, 2021 (China Knowledge) - Shanghai Electric Group (601727) (2727) has announced its preliminary financial results for the first quarter ended Mar 31, 2021.

Based on preliminary figures from the company’s press release its net profit in the Q1 2021 is expected to increase by RMB 490 mln or to a larger extend of RMB 550 mln, marking a year-on-year increase of 440% - 500% compared with the same period last year.

The net profit after deducting non-recurring profits is also expected to increase by RMB 390 mln to RMB 440 mln, an increase of 520% to 600% year-on-year.

Net profit could register some RMB 113 mln. After deducting non-recurring income, the net profit is RMB 63 mln.

The spectacular growth of the company's performance during the reporting period was due to the lower sales volume of its three major business segments: energy equipment, industrial equipment and integration services due to the impact of the COVID-19 epidemic in the same period of last year.

For Q1 2021, the sales of these three major business segments jumped during the reporting period, resulting in a substantial year-on-year increase in operating results for the period.

In the released results Shanghai Electric said it does not have any major uncertainties that could affect the accuracy of the performance forecast.

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