Shanghai Electric Reports Major Impairment Provision

Shanghai Electric Group Company (HK:2727) has released an update.

Shanghai Electric Group Company Limited has announced a net impact of RMB801.15 million on its profit before taxation for the first half of 2024, due to provisions made for impairment losses. These provisions, which include RMB930.31 million for credit impairment loss and RMB660.88 million for asset impairment loss, are aimed at accurately reflecting the company’s financial and operating conditions. The provisions take into account expected credit losses and the recoverable amount of assets, in line with relevant accounting standards.

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