China Water Industry Group (01129) announced 2024 results. Losses attributable to owners were approximately HK$322 million, up 36.49% year on year

According to the Zhitong Finance App, China Water Industry Group (01129) announced its 2024 results, with revenue of about HK$537 million, a year-on-year decrease of 28.35%; losses attributable to company owners were approximately HK$322 million, up 36.49% year on year; loss per share was 112.15 HK cents.

According to the announcement, the increase in net losses is mainly due to the net impact of the following factors: (i) the reduction in revenue and gross profit from the renewable energy business, mainly due to a decrease in the number of landfills in operation and a reduction in new waste that can be shipped to landfills for power generation due to local incineration projects now in operation, which drastically reduces feed-in electricity; and (ii) the non-financial assets of the Group's renewable energy projects (mainly including goodwill, right-of-use assets, other intangible assets, and impairment losses of property, plant and equipment, and due to the continuous decline in feed-in electricity generated The energy project continued to record operating losses. The impact of these factors was partly offset by: (a) reduction in administrative and sales expenses through the implementation of stricter cost control measures for various operating and corporate expenses; (b) net contributions from the sale of Yichun Water Group Co., Ltd. and its subsidiary (“Yichun Water Group”); (c) reduction in anticipated credit loss provisions for loans receivable; and (d) a reduction in income tax due to a reduction in taxable profits generated in the 2024 financial year.