HK Stock Market Move | SANY INT'L (00631) rises over 3%, expects annual net profit to decrease by about 25% to 45% year-on-year.

SANY INT'L (00631) rose more than 3%, at the time of writing, it rose 3.65% to HK$4.53, with a turnover of HK$220.474 million. On the news front, SANY INT'L (00631) announced that it expects the cash-generating unit (oil and gas equipment business) of the group to have an impairment loss of approximately RMB 470 million for the year ending December 31, 2024; and an impairment loss of approximately RMB 280 million for the group's property held for sale. Due to the expected impairment losses mentioned above, the group's net profit for the year is expected to decrease by approximately 25% to 45% from RMB 18.39 billion in the same period of 2023 to approximately RMB 13.79 billion to approximately RMB 10.11 billion. Because the financial performance of the group for the year (including the impairment losses mentioned above) needs to be finalized by the valuer, reviewed by the audit committee, and audited by the company's auditor, further adjustments are necessary.