China Tianrui Automotive Interiors Co., LTD Provides Consolidated Earnings Guidance for the Six Months Ended 30 June 2020
August 13, 2020 at 04:43 am EDT
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The board of directors of China Tianrui Automotive Interiors Co., LTD informed the shareholders of the Company and potential investors that, based on the preliminary assessment of the Group's unaudited consolidated management accounts for the six months ended 30 June 2020 currently available to the Board, the Group is expected to record a significant increase in net profit of not less than 40% for the six months ended 30 June 2020 as compared with that for the corresponding period in 2019. The expected increase in net profit for the six months ended 30 June 2020 was mainly due to (a) the increasing customers demand of the company's Group's heavy trucks' decorative components and parts; (b) the absence of the listing expenses for the six months ended 30 June 2020, as compared with the listing expenses for the six months ended 30 June 2019, which was RMB 4.0 million; and (c) the preferential income tax rate of 15% for Xian Tianrui Automotive Interiors Co. Ltd. for the period ended 30 June 2020, as compared to the applicable tax rate of 25% for the period ended 30 June 2019 during which period the application for extending the qualification of "High and New Technology Enterprise" ("HNTE") was in process. The actual extent of the increase in the net profit is yet to be further ascertained as at the date of this announcement. The Company is in the process of preparing the interim results of the Group for the six months ended 30 June 2020.
CHINA TIANRUI AUTOMOTIVE INTERIORS CO., LTD is a China-based company principally engaged in the manufacture and sale of automotive interior and exterior decorative components and parts. The Companyâs products primarily comprise an array of automotive interior decorative components and parts and to a lesser extent exterior decorative components and parts, which are designed to be installed on heavy trucks or passenger vehicles. The Heavy Truck Decorative products include floor mats, instrument panels, headliners, overhead compartments, door trim panels and other products. The Passenger Vehicle Decorative products include side and rear-view mirror components, tail light assembly components, ventilation components, multimedia components, instrument panel components, headlight assembly components and logo holder components. The Company mainly conducts its business in the domestic market.