Western Construction: Revenue 10.804 billion, down 8.88% year on year! Profit was 248 million, down 53.71% year on year!

On July 29, China Construction West Construction Co., Ltd. released its semi-annual performance report for 2023.

The report shows that in the first half of 2023, the total revenue of western construction was 10.804 billion yuan, down 8.88% from the same period last year, and the operating profit (total profit) was 248 million yuan, down 53.71% from the same period last year; The net profit attributable to shareholders of the listed company was 165 million yuan, a decrease of 56.82% compared with the same period last year. The report also shows that by the end of the reporting period, the total assets of the company were 35.456 billion yuan, an increase of 4.98% compared with the same period last year. The main reason for the analysis of western construction is that in the first half of 2023, the gross profit margin of commercial concrete sales decreased due to the significant decline in the market price of commercial concrete in the areas covered by the company, resulting in a decrease in sales revenue and net profit compared with the same period last year. According to the

report, in February 2023, the company acquired 52% of the shares of China Construction Chengdu Tianfu New Area Construction Co., Ltd., a joint venture company held by China Construction Third Engineering Bureau Co., Ltd. in cash. The acquisition is a business combination under common control. In accordance with the relevant requirements of the Accounting Standards for Business Enterprises No.20 – Business Combination, the Company made retrospective adjustments to the data for the same period of last year and the beginning of the reporting period. The adjusted data has not been audited by an accounting firm.