Jujiang Construction Group Co., Ltd. Provides Earnings Guidance for the Year Ended December 31, 2022
March 15, 2023 at 08:48 am EDT
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Jujiang Construction Group Co., Ltd. provided earnings guidance for the year ended December 31, 2022. For the year, the company expected to record a decrease in its net profit of approximately 35% to 45% for the Year as compared to that of approximately RMB93.4 million for the year ended 31 December 2021 (the Previous Year'). Such decrease was mainly attributable to a decrease in revenue and gross profit of the Group being recognised for the Year, which was mainly attributable to (i) the progress of the construction projects being affected by the COVID-19-related prevention and control measures implemented at places where the construction projects were located throughout the Year, (ii) the downturn in property market in general, and (iii) the decrease in the amount of net values of new projects undertaken by the Group during the Year; which was partially offset by (a) a decrease in impairment losses on financial and contract assets and fair value losses on bills receivable for the Year after the Group having made a significant impairment loss in the Previous Year, as the Group reduced to accept the customers' bills receivables a settlement method; (b) a decrease in finance costs due to the decrease in factoring activities during the Year as compared to the Previous Year; and (c) a decrease in income tax expenses due to the decrease in taxable profits for the Year as compared to the Previous Year.
Jujiang Construction Group Co., Ltd. is an investment holding company principally engaged in the construction contracting businesses. The Company operates through two segments. Construction Contracting segment is engaged in the provision of services related to construction contracting in architecture, such as building construction, foundation works, curtain wall construction and building decoration, among others. Its services are for residential properties, commercial properties, industrial properties and public facilities. Others segment is engaged in the provision of designing, surveying and mapping, monitoring and consulting services in the engineering of municipal management and construction, the installation of lifting equipment, the sales of construction materials and civil defense products, as well as the provision of services related to construction contracting in architecture.