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Honghua Group(00196)expects 1H loss to drop 60-80%
11 Jul 2018
(Infocast News) Honghua Group (00196) said that the Group’s loss for the six months ended 30 June 2018 is expected to decrease by approximately 60%-80% as compared to the Group’s loss for the six months ended 30 June 2017.

The expected significant decrease in loss was mainly attributed to the fact that:
(i)Due to the recovery of the global oil and gas industry, the production and operation state of the Group was further improved, which result in a significant increase in revenue for the six months ended 30 June 2018 compared with the same period last year;
(ii) The quality of the Group's assets was further stabilized and the impairment provision was significantly reduced compared with the same period last year; (iii)The Group has taken some positive measures such as cost reduction and expense control. As the oil and gas industry was still in the early stage of recovery, although the revenue of the Group for the six months ended 30 June 2018 increased significantly compared with the same period last year, it was still at a low level in the history of the Group and couldn’t cover the fixed cost. Therefore, the Group is still expected to record a loss for the six months ended 30 June 2018.

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