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China Environmental Resources Group posts profit warning
CHINA Environmental Resources Group expects to record an increase in losses for the period ended Dec 31, 2017, the company said in a profit warning posted after trading hours on Tuesday on the Singapore Exchange.
The company said this is due to several factors, including an increase in general and administrative expenses to approximately HK$26.80 million (S$4.5 million) due to its launch of a recycled metal trading business.
Other reasons cited include an increase in loss from changes in fair value less costs to sell off its biological assets to approximately HK$21 million, decrease of "other income" to approximately HK$2 million, and a loss on settlement of promissory note of approximately HK$1.1 million.
Finance costs are also expected to increase to approximately HK$0.44 million.