Jiangsu Eastern Shenghong Forecasts Swing to Loss in 2024

MT Newswires Live

01-31

Jiangsu Eastern Shenghong (SHE:000301) projected a swing to loss in 2024 due to fluctuations in international crude oil prices and weak downstream demand in the petrochemical industry.

Attributable net loss is expected to range between 2.0 billion yuan and 2.4 billion yuan in 2024, compared with a profit of 717.0 million yuan the previous year, according to a filing with the Shenzhen bourse.

The company produces civil polyester filaments and is also involved in the power and heat generation and supply, commercial property leasing and real estate development businesses.

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