Zoomlion Heavy Industry Science & Technology Co (HK:1157) has released an update.
Zoomlion Heavy Industry Science & Technology Co. Ltd. has reported a total provision for asset impairment of RMB 389.70 million for the first half of 2024, primarily due to bad debts and decline in inventory values. The company has made these provisions in line with accounting standards, considering factors such as expected credit loss, economic conditions, and the net realisable value of assets. This financial move is expected to impact the company’s pre-tax profit or loss for the period by an equivalent amount.
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