Shandong Molong Petroleum Machinery ( (HK:0568) ) has shared an update.
Shandong Molong Petroleum Machinery Company Limited has revised its financial results estimation for the year ending December 31, 2024. Initially, the company anticipated a net profit ranging from RMB 47 million to RMB 60 million, marking a turnaround from a previous loss. However, following the disposal of its equity interest in Shouguang Maolong New Material Technology Development Co., Ltd., and subsequent accounting adjustments, the company now estimates a net loss between RMB 35 million and RMB 45 million. This revision is attributed to the reclassification of investment gains as capital reserves, impacting non-recurring gains and losses, and resulting in an overestimation of net profit.
More about Shandong Molong Petroleum Machinery
Shandong Molong Petroleum Machinery Company Limited is a Sino-foreign joint stock limited company incorporated in China. The company operates in the petroleum machinery industry, focusing on the production and supply of equipment and machinery for the oil and gas sector.
YTD Price Performance: -11.92%
Average Trading Volume: 6,266
Technical Sentiment Signal: Buy
Current Market Cap: $321.8M
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