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What Orient Group Incorporation's (SHSE:600811) 54% Share Price Gain Is Not Telling You
China Oriental (00581) fell by 2.68% and is expected to have a net income reduction of at least 50% in the mid-term.
Kingward News | China Oriental (00581) fell markedly and closed at HKD1.09 per share, down 2.68% with a turnover of HKD0.31 million. According to the latest announcement, the group predicts its net income for the six-month period ending on June 30, 2024, compared to RMB0.276 billion net income for the six-month period ending on June 30, 2023. It is expected to record a decrease of at least 50% in net income due to the downstream demand for steel industry during the relevant period continuing to be weak and the sales recovery being much lower than industry expectations, leading to the group's steel products.
China Oriental Group (00581.HK) is expected to see a decrease of no less than 50% in net income for the first half of the year.
On August 19th, Gelonghui announced that China Oriental Group (00581.HK) expects to record a decrease of not less than 50% in net income for the six months ending June 30, 2024, compared with the net income for the six months ending June 30, 2023, of approximately RMB 0.276 billion yuan, based on the preliminary review of the unaudited consolidated management accounts for the relevant period, as well as the information currently available to the board of directors. Based on the information currently available, the expected decrease in the group's net income during the relevant period is mainly attributed to the comprehensive impact of the following factors, including, (i) the steel industry during the relevant period.
China Oriental (00581.HK) plans to hold a board of directors meeting on August 29 to approve mid-term performance.
China Oriental (00581.HK) announced on August 15th that the company will hold a board meeting on Thursday, August 29th, 2024, to consider and approve the mid-year performance of the company and its subsidiaries ending on June 30th, 2024, and to consider the proposal of distributing interim dividends (if any).
Orient Group Incorporation (SHSE:600811) Shareholders Are up 12% This Past Week, but Still in the Red Over the Last Five Years
Orient Group Incorporation (600811.SH): Director Han Fangming and Financial Director Tian Chunlei resign.
On July 31st, Gelunhui reported that Orient Group Incorporation (600811.SH) announced that the board of directors of the company has recently received written resignation reports from independent director Han Fangming and the chief financial officer Tian Chunlei. Mr. Han Fangming resigned from the position of the company's independent director and related positions on the board of directors of the company's various committees due to personal reasons. Mr. Tian Chunlei resigned from the position of the company's chief financial officer due to personal reasons. After resigning, Mr. Tian Chunlei will not hold any other positions in the company. Mr. Tian Chunlei's written resignation report will take effect upon delivery to the company's board of directors. As of the date of this announcement, Mr. Tian Chunlei does not hold any shares of the company in any form.
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