Summary by Moomoo AI
Sino oil & gas Limited ("the Company")'s interim report for the six months ended on June 30, 2024, shows that the Company and its subsidiaries ("the Group") recorded a revenue of approximately HK$201,672,000, an increase from HK$158,069,000 in the same period of 2023. Among which, the sales revenue of the Sanjiao coalbed methane project is approximately HK$165,726,000, revenue from coal washing and selection business is around HK$35,145,000, and financial services business revenue is about HK$801,000. Despite facing significant financing cost pressure of around HK$127,505,000, the steady growth brought by the Sanjiao coalbed methane project resulted in an EBITDA of approximately HK$154,943,000, leading the Group to ultimately incur a net loss of approximately HK$47,641,000. In addition, the Group is actively undergoing debt restructuring to improve its liquidity situation. The Board of Directors believes that through the completion of the restructuring actions, the Group will be able to address the cash flow tightness issue and fulfill its financial obligations.
