Shopping Malls Renovation, Old Decoration "Scrapped", Hangzhou Jie Bai Confirmed 2018 "Loss" 37 Million 872 Thousand And 400!

Hangzhou Jie Bai group Limited by Share Ltd (hereinafter referred to as "Hangzhou hundred release") announced in February 15th that in order to accurately reflect the actual situation of the company's fixed assets and long-term prepaid expenses, according to the results of the inventory check at the end of 2018, the original renovation project that was demolished in 2018 due to the alteration of the decoration was scrapped, and the loss of 37 million 872 thousand and 400 yuan was confirmed, which is as follows:

Hangzhou explained that the original value of the scrapped fixed assets was 53 million 288 thousand yuan, the net book value was 31 million 329 thousand and 200 yuan, the loss of 31 million 329 thousand and 200 yuan was confirmed, the original value of the disused long term prepaid expenses was 12 million 3 thousand and 400 yuan, the net book value was 6 million 543 thousand and 200 yuan, the loss of 6 million 543 thousand and 200 yuan was confirmed, and two items were expected to reduce the net profit of 2018 year attributable to the parent company's shareholders by 37 million 872 thousand and 400 yuan.

Hangzhou Jie Bai said that the discarded fixed assets and long term prepaid expenses were removed from the renovation projects in the previous year when they were redecorated in 2018. The disposal of the assets was in compliance with the relevant provisions of the enterprise accounting standards and the actual situation of the company assets, which is conducive to a more realistic, objective and fair reflection of the assets of the company.

According to public information, Hangzhou Jie Bai is a commercial listed company with deep accumulation and flourishing history in Zhejiang province. Its predecessor was the national product exhibition hall, founded in 1918, which is mainly owned by department stores, has the brand advantage of years of department store operation and the huge commercial property value that has been built near West Lake. It has won many honorary titles such as the top 500 Chinese service industries and top 100 Chinese enterprises.

It is understood that Hangzhou is the only commercial listed company controlled by the Hangzhou SASAC. It owns four main stores, namely, the hundred shopping plaza, Hangzhou Tower shopping mall, Yiwu store and Lanxi store.

Among them, Jie Bai shopping plaza, Jie Bai Yiwu store and Jie Bai Lanxi store are positioned as the middle end and the high-end urban comprehensive consumption. For the original assets of the listed companies, the Hangzhou Tower shopping city location is positioned as the high-end boutique department stores. Luxury sales are among the highest in the country. Currently, the number of top brands in the world sold in China has exceeded 80%. The density of the top brands is far more than that of other similar shopping malls, and the sales of top brands are ranked first in the country.

Data show that in the first three quarters of 2018, Hangzhou achieved 100% operating income of 4 billion 210 million yuan, an increase of 3.81% over the same period, and a net profit of 132 million yuan attributable to shareholders of listed companies, an increase of 2.38% over the same period last year.