Jintai Feng International Holdings (09689) released the interim performance for the six months ended June 30, 2024, during which the Group...
According to the announcement, due to the increasing popularity of electric vehicles after the COVID-19 pandemic, the Group has been exploring the trade of shale oil since the second half of 2023. Shale oil is a finished product oil used as a raw material in the chemical industry. In order to ensure a stable supply and meet potential market demand, the Group maintains a certain inventory of shale oil, thereby bearing price risks. Consequently, during the six months ended June 30, 2024, due to the uncertainty of market trends, the Group occasionally chooses to sell shale oil inventory at prices below the purchase cost in order to maintain its market position and further reduce price risks, resulting in a gross loss of approximately RMB 12.672 million from the sale of petroleum products.
Jintai Feng International Holdings (09689) has announced the interim performance for the six months ended June 30, 2024. During this period, the Group achieved a profit of RMB 0.77 billion ($0.12 billion), an increase of 2.79% compared to the previous year. The Group also reduced its loss by 91.21% to RMB 0.747 million ($0.11 million), with a basic loss per share of 0.1 cents.
