AOKANG International Received A Total Subsidy Of 14 Million 576 Thousand And 100 Yuan In 2019.
In December 10th, AOKANG International (603001) issued a notice that Zhejiang AOKANG footwear Limited by Share Ltd and its subsidiaries from January 1, 2019 to December 6, 2019, received a total of 14 million 576 thousand and 100 yuan of government subsidies.
Source: AOKANG announcement
According to the relevant provisions of the Enterprise Accounting Standards No. sixteenth government subsidy, the company confirms that the above government subsidy is a government subsidy related to income and is included in the current profit and loss. The specific accounting treatment and the impact on the company's profit and loss will be determined by the annual audit confirmation of the audit institution.
Prior to the three quarter earnings report released by AOKANG international, AOKANG's operating income in the first three quarters of the year was 1972822472.88 yuan, a decrease of 9.56% compared with the same period last year, and its net profit attributable to shareholders of listed companies was 105932255.05 yuan, down 38.48% from the same period last year.
As of October, AOKANG has opened 32 distribution stores in Vietnam and Kuwait, and Vietnam has opened 1 distribution stores in the third quarter of 2019, closing 2 distribution stores.
It is reported that AOKANG's international net profit has fallen by 20% over the past three years. Faced with declining profits and gradually weakening traditional shoe market. Whether AOKANG can change its decline or not depends on government subsidies.
Author: Li Yuanyuan
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