Bengang Steel Plates announces asset impairment provisions of CNY 176m
** Bengang Steel Plates (SZSE:000761) announced that it will absorb asset impairment provisions totaling CNY 176,084,170.69 for the year 2024. The decision, driven by prudence, comes after a comprehensive review and impairment testing of assets, aiming to accurately reflect the company's financial standing, asset values, and operating results. The impairment breaks down into: CNY 51,539,885.68 in bad debt losses from accounts receivable, CNY 3,664,963.43 in other receivables, and CNY 231,296,927.96 in inventory and contract costs. These provisions will affect Bengang Steel Plates’s 2024 financial results and will reduce the company's overall profits by CNY 228,343,329.22. The company assures that this action aligns with accounting standards, offering a truthful portrayal of its asset situation without disrupting normal operations. This move will require approval from the company's shareholders.
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