Citic Posts Small Rise in Quarterly Net Profit
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Dow Jones
By Tracy Qu
Citic posted a small rise in first-quarter net profit, with higher operating income offsetting an increase in expected credit losses.
The Chinese state-owned investment company's first-quarter net profit rose 0.3% on year to 15.03 billion yuan (US$2.08 billion), it said in a filing on Monday.
Operating income rose 4.3% to CNY92.55 billion in three months ended March 31. Expected credit losses rose to CNY16.11 billion from CNY12.76 billion a year ago.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
May 20, 2024 06:51 ET (10:51 GMT)
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