Hangzhou Zhongheng Electric profit falls 30% despite revenue growth

Hangzhou Zhongheng Electric reported net profit of 47.5m yuan, down 30.19% despite operating revenue rising 14.27% to 891.1m yuan. The profit decline was attributed to a one-time equity transfer gain in the prior year.

Operating cash flow turned negative at -57.1m yuan, a 148.83% decrease due to increased payments for goods and services. The company repurchased shares worth 26m yuan.