Shandong Molong Petroleum Machinery (HK:0568) has released an update.
Shandong Molong Petroleum Machinery Co., Ltd. has reported provisions for asset impairment of RMB 65.4988 million, including inventory, fixed, and intangible assets for the period ending August 2024. The impairment reflects a comprehensive review by an independent third-party valuer and aims to accurately represent the company’s financials, citing reasons like idle assets and insufficient production capacity for fixed assets, and unused sea-use rights for intangible assets.
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