Brief: Country Garden Services Says Impairment From RMB1,400 Mln To RMB1,800 Mln Made For Goodwill

Country Garden Services Holdings

18/12/2023 16:09

Dec 18 (Reuters) - Country Garden Services Holdings Co
Ltd  6098.HK :
    * INSIDE INFORMATION ASSET IMPAIRMENT
    * ASSESSMENT ON EXPECTED CREDIT LOSSES FOR TRADE RECEIVABLES
FROM
RELATED PARTIES AND IMPAIRMENT TESTING OF GOODWILL HAVE BEEN
CONDUCTED
    * IMPAIRMENT PROVISIONS ARE TO BE MADE FOR ASSETS WITH
IMPAIRMENT
INDICATORS
    * IMPAIRMENT FROM  RMB1,400 MILLION TO RMB1,800 MILLION HAS
BEEN
MADE FOR GOODWILL AND OTHER INTANGIBLE ASSETS OF GROUP
    * IMPAIRMENT PROVISION FROM APPROXIMATELY RMB1,800 MILLION
TO
RMB2,300 MILLION HAS BEEN MADE FOR TRADE RECEIVABLES
    * EXPECTS THAT NET PROFIT FOR FINANCIAL YEAR ENDING 31
DECEMBER
2023 WILL DECREASE BY APPROXIMATELY RMB3,200 MILLION TO RMB4,100
MILLION
    * EXPECTED RESULT DUE TO EXPECTED RECOGNITION OF PROVISION
FOR
IMPAIRMENT OF TRADE RECEIVABLE
    * CURRENTLY HAS ADEQUATE WORKING CAPITAL AND SABLE BUSINESS
OPERATION


Further company coverage:  6098.HK 

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