Wuhu Copper receives 5.21 million yuan in government subsidies due to income scale and increase in profits and taxes

Published: May 31, 2019 16:56

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SMM News: Guangdong Jingyi Metal Co., Ltd. issued an announcement on May 31, its subsidiary Wuhu Jingyi Copper Co., Ltd. (hereinafter referred to as "Wuhu Copper") due to income scale and profit and tax growth. Recently, he received a financial award of 5210803.44 yuan from the State Treasury payment Center of Wuhu District Finance Bureau.

The company said the government subsidies were "revenue-related" government subsidies.

The Type of subsidy and its influence on listed companies

Guangdong Jingyi Metal shares said that in accordance with the relevant provisions of the Accounting Standards for Enterprises No. 16-Government subsidies, the above financial subsidies of 5210803.44 yuan were recorded in the current profits and losses. The acquisition of the financial subsidy will have a certain positive impact on the company's operating performance in 2019, and the specific financial treatment must still be based on the results confirmed by the accountant's annual audit.

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