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South Manganese Expects Major First Half Losses
South manganese (01091.HK) warns of profit: expected loss in the first half of the year will not exceed 0.2 billion Hong Kong dollars.
On August 9th, Gelunhui reported that according to the six months ended on June 30, 2023, the company's owner is expected to suffer a loss of no more than 200 million Hong Kong dollars in the first half of 2024, compared with a profit of about 135 million Hong Kong dollars owned by the company's owner. The main reasons for the loss in the first half of 2024 are as follows: 1. mainly due to an increase in impairment loss of financial assets resulting from the guarantees related to the bank financing granted by the group to its joint venture, Dushan Jinmeng Manganese Industry Co., Ltd; and 2. the trade business in the first half of 2024 is affected by the price of manganese ore.
Express News | South Manganese Investment Ltd - Expected Result Due to Increase in Impairment Losses on Financial Assets, Among Others
Express News | South Manganese Investment Ltd Sees Loss Attributable of Not More Than HK$200 Mln for 1H2024
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