The latest update is out from Shandong Molong Petroleum Machinery ( (HK:0568) ).
Shandong Molong Petroleum Machinery Company has announced an estimated turnaround from a loss of RMB 566.9 million in 2023 to a net profit ranging between RMB 47 million and RMB 60 million for 2024. This significant change is attributed to strategic disposals of equity interests resulting in non-recurring gains, cost control measures leading to a reduction of RMB 135 million in expenses, and asset impairment provisions. These improvements suggest a positive shift in the company’s operational efficiency and financial health, potentially enhancing its industry standing and offering a more attractive proposition to shareholders.
More about Shandong Molong Petroleum Machinery
Shandong Molong Petroleum Machinery Company Limited is a Sino-foreign joint stock company based in China, primarily engaged in the petroleum machinery industry. The company focuses on manufacturing a range of equipment used in the oil and gas sector.
YTD Price Performance: -4.67%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $268.8M
Learn more about 0568 stock on TipRanks’ Stock Analysis page.