Honghua Group (00196.HK) announced that the company expects its shareholders to have a loss of no more than 10 million yuan for the six months ending June 30, 2024. The loss situation has significantly improved compared with a loss of 154.19 million yuan in the same period of 2023.
The expected improvement in loss is mainly due to (i) the company's active expansion in domestic and international markets, which has led to an increase in revenue compared to the same period last year, with offshore wind power business achieving a doubled income year-on-year, and (ii) the company continuously optimizing cost management, improving gross margin compared to the same period last year, constantly improving operation and management level, and reducing financing costs.