Datang Environment Estimates 38 Million Yuan Gain From Cuddalore Project Settlement

MT Newswires Live05-24

Datang Environment Industry (HKG:1272) anticipates an increase of 37.8 million yuan in its pre-tax profit this year arising from the settlement plan for a power project in India, according to a Thursday filing with the Hong Kong bourse.

In its March 2023 forecast, the company expected an increase of 32.8 million yuan in its pre-tax profit.

Datang said the difference from the original financial Impact estimate is mainly attributable to the difference in exchange rates adopted in the March 2023 announcement and the interest accrued on the repayment sum.

The company added that the estimated gain was not reflected in its 2023 financial results as the appellate tribunal only approved the settlement plan this month. As a result, this gain will only be reflected in Datang's 2024 financial statements.

In 2023, two Datang subsidiaries agreed to receive 735 million Indian rupees in settlement fees from IL&FS Tamil Nadu Power (ITPCL), which owns the Cuddalore power project.

Price (HKD): $0.94, Change: $, Percent Change: %

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