Elec-Tech express 2017 annual results released, net profit plunged nearly 30 times

13 evening, Elec-Tech released 2017 annual results letters, the year 2017 the company achieved operating income of 4 billion 203 million 130 thousand and 800 yuan, up 3.79% over the previous year; net profit attributable to the listed shareholders -89649.54 million yuan, down 2926.29% over the previous year, mainly due to decline in gross profit of 1505.27% compared to the same period last year.

Elec-Tech said that during the reporting period, the company achieved operating profit of -80690.00 million yuan, down 472.62% over last year, is the main raw material prices and other reasons, the product costs rose, resulting in operating costs rose, so that the gross margin fell about 3.73%; part of the company to dispose of product inventory caused by current assets loss increase research and development costs rose as a result of management fees grew by about 21.96%; because of the change of RMB exchange rate formation exchange loss resulting in financial expenses increased by approximately 229.05%; and the results comprehensive influencing factors of company assets impairment losses grew by about 153.53%, an increase of 100% loss on disposal of assets.

In 2017, the main business Elec-Tech is LED and small home appliances business double. Benefit from the LED industry to pick up the company, chip, packaging operations are to achieve a certain degree of growth; the lighting business, the company in December 2016 the wholly owned subsidiary of BDO (Hongkong) Photoelectric Technology Co., Ltd. 100% stake sale to fund sacrificial jade (Hongkong) LED, BDO international lighting business photoelectric Technology Co. Ltd. also operated from the system of listed companies, in 2016 the LED international lighting business to achieve sales revenue of about 569 million yuan. Therefore, the overall annual sales income of 2017 LED business declined slightly over the same period last year.

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