The Da Bei Nong Group, a Chinese agri-tech company, founded in 1993, released its unaudited preliminary financial reports today, showing an impressive 42.07 percent year-on-year growth in its net profits.
The net profits attributable to the shareholders of the company amounted to 1.254 billion yuan last year. Its financial performance, according to the reports, was the result of the dramatic increase in its operating profits, which stood at 52.01 percent in 2017.
The company disclosed the reasons for this as follows;.Its gross profit margin increased due to the rise in its sales volume, which was stimulated by the consistent efforts of the company to promote high-end agricultural products to optimize its product structure. In addition, its expenditures went down in light of the effective enforcement of its operating efficiency strategies. Also, the revenue for its investing activities resulted from the stake transfer to another company last year, which contributed to its improved operating profits as well.
Furthermore, the government subsidiaries related to daily operations, according to the newly revised Accounting Standards for Enterprises No.16-Government Subsidiaries, which has been enforced since June 12, 2017, was moved from a non-operating income item to an item of other income, a component of the operating profits. The accounting procedural change also led to the rise of its operating profits last year.
The net profits attributable to the shareholders of the company amounted to 1.254 billion yuan last year. Its financial performance, according to the reports, was the result of the dramatic increase in its operating profits, which stood at 52.01 percent in 2017.
The company disclosed the reasons for this as follows;.Its gross profit margin increased due to the rise in its sales volume, which was stimulated by the consistent efforts of the company to promote high-end agricultural products to optimize its product structure. In addition, its expenditures went down in light of the effective enforcement of its operating efficiency strategies. Also, the revenue for its investing activities resulted from the stake transfer to another company last year, which contributed to its improved operating profits as well.
Furthermore, the government subsidiaries related to daily operations, according to the newly revised Accounting Standards for Enterprises No.16-Government Subsidiaries, which has been enforced since June 12, 2017, was moved from a non-operating income item to an item of other income, a component of the operating profits. The accounting procedural change also led to the rise of its operating profits last year.
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