SH Electric books RMB166.74 million impairment in Q1 2026, driven by receivable write-offs

Bulletin Express04-29 21:43

Shanghai Electric Group Company Limited (SH Electric) reported a total impairment charge of RMB166.74 million for the first quarter of 2026, following a board resolution approved on 29 April 2026.

Credit impairment losses reached RMB109.47 million. The largest component was a RMB205.39 million provision against accounts receivable, partly offset by reversals of RMB37.67 million on long-term and other receivables and a RMB58.25 million reversal on other assets such as loans and notes receivable.

Asset impairment losses totalled RMB57.27 million. Within this, contract asset write-downs accounted for RMB37.72 million, reflecting higher long-term contract balances, while inventory write-downs contributed RMB19.55 million as items were marked to net realisable value.

The combined impairments reduced the company’s profit before tax for the quarter by RMB166.74 million. SH Electric stated that the provisions were made under China’s Accounting Standards for Business Enterprises to present a true and fair view of its financial position as of 31 March 2026. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.

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