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Tongkun Group signed a land recovery framework agreement with Tongxiang Economic Development Zone Infrastructure Construction Investment for about 1.79 billion yuan.
The agreement covers industrial land and buildings totaling 396,999 square meters, according to a March 22 filing with the Shanghai bourse.
The recovery will be carried out in three phases, with payments made in installments.
Tongkun Group expects to record a net profit attributable to shareholders of between 1.12 billion yuan and 1.27 billion yuan in 2024, jumping between 41% and 59% from a year earlier, according to a Shanghai Stock Exchange disclosure on Monday.
The attributed profit in the previous year was 797 million yuan or 0.34 yuan per share, the polyester and terylene filaments said.
The company's shares rose less than 3% in recent trade.
Revenue rose 23.2% year-over-year to RMB 76.05 billion, with net profit up 11.4% to RMB 1.01 billion. Operating cash flow surged, but third-quarter profitability was pressured by weaker product margins.
Original document: Tongkun Group Co., Ltd. Class A [601233] Report Release — Oct. 30 2024
H1 2024 revenue rose 30.67% to ¥48.21B, with net profit up 911% to ¥1.07B, driven by strong domestic polyester demand and improved margins. Cash flow declined due to higher outflows, while major integration projects advanced.
Original document: Tongkun Group Co., Ltd. Class A [601233] Report Release — Aug. 28 2024
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