Home / Metal News / Western Resources Quarterly report: operating income of 40 million yuan

Western Resources Quarterly report: operating income of 40 million yuan

iconApr 28, 2018 16:14

SMM4 28: Western Resources released the first quarter of 2018 report, the report shows that the first quarter revenue of 40 million yuan, an increase of-16.43%; the net profit attributed to the shareholders of listed companies-29 million yuan, the year-on-year growth rate is not applicable; Basic earnings per share was-0.0435 yuan, and the same year-on-year growth rate was not applicable.

When Western Resources implemented a major asset restructuring in 2014, after promising to acquire the shares of Hengtong bus to the other side of the transaction, it confirmed and had the ability to support the company in taking the independent development of its own brand of new energy electric buses as the main business direction of the company. Within 3 years to form an annual output of not less than 15000 passenger cars, bigger and stronger "Hengtong" brand. However, as a result of administrative penalties imposed by the Ministry of Finance and the Ministry of Industry and Information Technology in 2016, Hengtong bus resumed its declaration of the recommended vehicle qualification for the promotion and application of new energy vehicles in May 2017, resulting in the above commitment not being fulfilled by December 31, 2017. In addition to the liquidated damages of RMB 65 million to the opening group, if the loss to the opening group exceeds 65 million yuan, the company shall also compensate the opening group for the direct losses suffered by the opening group in part in excess of 65 million yuan.

During the reporting period, Western Resources has initiated arbitration with the Chongqing Arbitration Commission and is currently actively negotiating.

Western Resources
Copper Price
performance report

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All