SGT Reports Results for Q3

SGT Reports Results for Q3

SGT founder and chairman Richard Yu

According to China-listed company information disclosure website cninfo.com.cn, Suzhou Goldengreen Technologies Ltd (SGT) reported total revenue of RMB 69.05 million (US$10.80 million) in the third quarter (Q3), and net profit attributable to the parent company turned out to be RMB 2.87 million (US$0.45 million). Net profit attributable to parent company after deducting non-recurring profits and losses was 1.12 million (US$0.18 million).

For the first three quarters, SGT achieved RMB 217.03 million (US$33.94 million) in revenue, down 21.74% compared to the same period last year, while net profit attributable to the parent company decreased 39.47% year-over-year to RMB 10.04 million (US$1.57 million).

In the report, SGT also disclosed:

1. It transferred the 27.5% shares it bought from Polytoner in 2016 to Polytoner’s original shareholder Jianping Liu, due to Polytoner’s failure of meeting the investment target. The transfer price is RMB 8.45 million (US$1.32 million), and the 95 million (US$0.30 million) transfer premium hasn’t been included in the profit and loss. After the transfer, SGT will not hold any shares of Polytoner.
2. Impacted by China’s switch-off policy, SGT and its subsidiary in Suzhou suffered from reduced production time since September. SGT predicted that it will cause certain effects to the production of both SGT and its Suzhou Subsidiary, as it is unable to see whether and how the switch-off policy will continue to implement in the future.

Related:

• SGT Reveals Results for First Half of 2020
• SGT Claims Toner Technology Breakthrough

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