After a drastic decline in profit recorded in 2013, recently released results have shown that 2014 was not a year of revival for Hangzhou Hangyang (Hangyang).
Although experiencing a slight increase in operating revenue of 5.76% to RMB 5.8bn ($935m approx.), operating profit took another plunge of 49.7% to just RMB 162m ($26m approx.), compared with almost RMB 323m ($52m) in 2013.
Consequently, profit attributable to shareholders has also fallen another 44% to RMB 128.8m.
All of which comes against a backdrop of economic change in China. Looking toward 2015, the economy of China is entering a ‘New Normal’ – as stated by Chinese President Xi Jinping – and the growth of economy has slowed. Adjusting its structure accordingly is an unavoidable trend, Hangyang explained in its report.
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