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South Manganese Reports Significant Financial Losses for 2024
Express News | South Manganese Investment FY Revenue HKD 13,210.5 Million
Express News | South Manganese Investment FY Gross Margin 3.1%
Express News | South Manganese Investment FY Gross Profit HKD 406.4 Million
SOUTH MANGANESE: ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
SOUTH MANGANESE (01091.HK) profit warning: expects a net loss of no less than 0.7 billion Hong Kong dollars in 2024.
On March 11, Gelonghui announced that SOUTH MANGANESE (01091.HK) expects to record a loss attributable to the company's owners of no less than 0.7 billion Hong Kong dollars for the fiscal year ending December 31, 2024, compared to a profit of approximately 64 million Hong Kong dollars for the year ending December 31, 2023. The main reasons for the anticipated loss in 2024 are as follows: 1. The group is expected to recognize an impairment loss of approximately 321 million due to fulfilling its corporate guarantee responsibilities related to the bank financing granted to the associate company Dongshan Jinmeng Manganese Industry Co., Ltd. in 2015.
