On March 25, Mulinsen Co., Ltd. (hereinafter referred to as the "Company") issued an announcement about the subsidiary's receipt of government subsidies, stating that the company's wholly-owned subsidiary Yiwu Mulinsen Lighting Technology Co., Ltd. (hereinafter referred to as "Yiwu Mulinsen") recently received a letter from Yiwu According to the document "Notice on Allocating Investment and Construction Subsidies for the Fourth Quarter of Yiwu Mulinsen Lighting Technology Co., Ltd." (Yigaoxin [2019] No. 3), the Management Committee of the Xingguo Electronics High-tech Industrial Park allocated RMB 30 million in investment and construction subsidy funds to Yiwu Mulinsen Lighting Technology Co., Ltd. The above funds have been transferred to the account of Yiwu Mulinsen Company on March 22, 2019. They are government subsidies related to income and are recognized as income for the current period when received.
Mu Linsen said that the government subsidy received this time is expected to increase the company's total profit this year by RMB 30 million.
ANNA