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Zhejiang Shibao (01057) year net down 48.6% to Rmb32.63m


  Zhejiang Shibao (01057) said its preliminary net
profit attributable to shareholders for the year 2017 dropped 48.6% year-on-year to
Rmb32.63 million.
  Basic earnings per share were Rmb4.13 cents.
  Total revenue amounted to Rmb1,156 million, an increase of 1.77% from a year earlier.
  The decline in profit was mainly due to the combination of four factors, including the 
delay in execution by clients, resulting in the sales of export businesses underperformed
the expectation; the significant increase in production and sales of EPS products, 
however, due to the relatively high cost of certain projects at the early stage of mass
production, no profit was recorded from such projects; the number of pilotless intelligent
steering development projects recorded a significant increase, resulting in the continuous
increase of the investment in the development, test and staff of intelligent steering by 
the company; and certain obsolete products also decreased their sales prices. 

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