The Zhangjiang Hi-tech Park Development Co., a Shanghai-based multi-business conglomerate, released its unaudited financial statements on Wednesday, reporting a sharp decline in all of its major financial indicators in 2017.
Over the past year, the company generated a total revenue of roughly 1.29 billion yuan, a slump of 38.22 percent from the previous year, with its operating profit down by 35.07 percent on a yearly basis to finish the year at around 576 million yuan.
As a result, the company's total profit and net profit both dropped by more than one-third to close the year at 562.06 million yuan and 467.54 million yuan respectively.
The company disclosed that the year-on-year decline in its operating revenue was partly due to an over 60 percent fall in its real estate sales after it changed its business strategy in response to the local government's plan for building the Zhangjiang Science Town. While it also stressed a more than 20 percent revenue growth in its property leasing business in the park, which added over 133 million yuan to its operating revenue.
A drop of more than 430 million yuan in the revenue generated by its telecommunication service also dragged down the company's overall operating revenue.
Despite earning nearly 274 million yuan after selling a 30 percent ownership of one of its subsidiaries, the company's total investments yield still plunged by almost 30 percent last year, leading to the significant slump in its overall profit.
Over the past year, the company generated a total revenue of roughly 1.29 billion yuan, a slump of 38.22 percent from the previous year, with its operating profit down by 35.07 percent on a yearly basis to finish the year at around 576 million yuan.
As a result, the company's total profit and net profit both dropped by more than one-third to close the year at 562.06 million yuan and 467.54 million yuan respectively.
The company disclosed that the year-on-year decline in its operating revenue was partly due to an over 60 percent fall in its real estate sales after it changed its business strategy in response to the local government's plan for building the Zhangjiang Science Town. While it also stressed a more than 20 percent revenue growth in its property leasing business in the park, which added over 133 million yuan to its operating revenue.
A drop of more than 430 million yuan in the revenue generated by its telecommunication service also dragged down the company's overall operating revenue.
Despite earning nearly 274 million yuan after selling a 30 percent ownership of one of its subsidiaries, the company's total investments yield still plunged by almost 30 percent last year, leading to the significant slump in its overall profit.
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