China State Construction earnings slide to HK$4.5b

Business | 22 Mar 2019 5:19 pm

China State Construction International (3311) posted an 18 percent decrease in net profit to HK$4.5 billion.

The earnings per share fell by 25 percent to 89.13 HK cents.

Revenue increased by 10.9 percent to HK$55.67 billion. Finance costs increased by 66.55 percent from HK$1.07 billion in 2017 to HK$1.78 billion. Investment income also turned from a profit of HK$747.68 million in 2017 to a loss of HK$360.25 million in 2018.

The company said net profit was affected by the HK$817 million impairment made for the concession operating rights related to Shanxi Yangquan Yangwu Expressway and Shanxi Yangquan Niangziguan Class 1 Highway.

Meanwhile, Zhou Yong resigned as executive director and chairman, the company said, while Yan Jianguobe was appointed chairman and non-executive director.

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