The company says that after deducting nonrecurring gains or losses, the net profit attributable to the owners of the parent for the FY2024 will range from about RMB710 million to RMB840 million. This is a decrease of approximately RMB242 million to RMB112 million compared to FY2023, reflecting a year-on-year decrease of approximately 25% to 12%.
Tianjin says that the y-o-y increase in net profit attributable to owners of the parent was mainly due to the sale of the company’s 13% equity interest in Tianjin TSKF Pharmaceutical to Haleon China in FY2024, resulting in a disposal gain of approximately RMB1.71 billion, with an after-tax net profit of approximately RMB1.45 billion.
The estimated y-o-y decrease in net profit attributable to the owners of the parent, after deducting non-recurring gains or losses, was mainly due to a decrease in investment income from the company’s associated companies (including TSKF) in FY2024, as well as an increase in the provision for impairment losses on long-term assets compared to FY2023.
The group says that the estimated results above are based on preliminary data only and the actual results will be announced in due course.
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Shares in Tianjin closed 3 cents down or 1.40% lower at US$2.11 ($2.84) on Jan 24.
