Interchina (HKG:0202) Unit 2011 Net Profit Up More than 50% Before Adj

   Date:2012-01-17

Heilongjiang Interchina Water Treatment Company Limited, a Shanghai-listed subsidiary of Interchina Holdings (HKG:0202), expects its net profit attributable to shareholders for the year 2011 to increase by over 50% as compared with the corresponding period of 2010 before adjustment. Heilongjiang Interchina Water Treatment also expects that its net profit attributable to shareholders for the year 2011 will decrease by over 12% as compared with the corresponding period of 2010 after adjustment.

For 2010, Heilongjiang Interchina Water Treatment had a net profit of RMB42.525 million before adjustment and a net profit of RMB75.493 million after adjustment.

As compared with the results for the corresponding period of last year before adjustment, the forecasted increase in results for the year 2011 was mainly due to the company's private placing of shares in 2011, with the funds raised being used for the purchase of water treatment related assets. As a result, additional assets and revenue were included in the combined financial statements of the company.

The decline in the annual results for 2011 as compared to the adjusted results for the corresponding period of last year is mainly due to the disposal of Xian Aviation Technology Asset Zone Water Supply Co., Ltd. by the Company in 2011. As a result, subsidy income decreased by approximately RMB14 million over 2010.



 

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