Sinopharm Group's (HKG:1099) subsidiary China National Accord Medicines (SHE:000028, SHE:200028) expects to log a net profit attributable to shareholders between 561 million yuan and 760 million yuan for 2024.
The expected net profit is 52.48% to 64.92% lower than 1.60 billion yuan recorded for 2023, a Sunday Hong Kong bourse filing said.
China National Accord Medicines also expects to see basic earnings between 1.01 yuan per share and 1.37 yuan per share for the reporting period, compared with 2.87 yuan per share recorded for the prior year.
The decrease in expected attributable net profit was attributed to impairment of intangible assets arising from goodwill and other assets including receivables and inventories, and allocation of certain acquisition consideration.
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