China Huarong Energy Company Limited (HK:1101) has released an update.
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China Huarong Energy Company Limited reported a decrease in revenue to RMB40.8 million and a gross profit of RMB16.3 million from its oil exploration and storage businesses for the first half of 2024, with a reduced net loss of RMB345.2 million compared to the previous year. The company has also made progress in disposing of its non-core shipbuilding and engineering businesses, with over 37% of related financial guarantees discharged as of June 30, 2024. These strategic moves are part of their ongoing efforts to streamline operations and improve financial stability.
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