China Southern Power Grid Energy Efficiency & Clean Energy Expects 311 Million Yuan Impairment in Q4

MT Newswires Live12:08

China Southern Power Grid Energy Efficiency & Clean Energy (SHE:003035) expects to include an asset impairment provision of 311 million yuan in the fourth quarter of the year, according to a Shenzhen Stock Exchange filing on Saturday.

The impairment is expected to reduce the company's net profit attributable to shareholders by 288.1 million yuan, the filing added.

The Chinese energy and environmental protecting services provider attributed the impairment to losses in its biomass projects, with some of them becoming insolvent, amid fuel shortage, price inversion and cash flow shortage in the agricultural and forestry biomass industry.

The company's shares slipped more than 1% in recent trade.

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