Shanghai Electric Group Co Ltd, one of the largest energy equipment manufacturing conglomerates in China, reported a net profit of 2.46 billion yuan. It received 760 million yuan subsidy from the government.
The company's net income fell by 9.48 percent year-on-year, but the slowdown was mainly due to an asset impairment loss of 1.26 billion yuan, primarily due to inventory devaluation.
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A wind turbine model of Shanghai Electric Group Co Ltd is displayed in Shanghai on May 30, 2012. [Photo/dfic.cn] |
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