China Environmental Resources says it will incur less losses this fiscal year

CHINA Environmental Resources Group on Monday said that it is expected to record a decrease in losses for the year ended June 30, 2017 compared with the year-ago period.

This is due to higher gross profit resulting from the increase in income from provision of financial services, higher income resulting from the increase in interest income from refundable secured deposits, lower net loss on fair value changes on financial assets, lower loss from changes in fair value (less costs) to sell of biological assets, and lower general and administrative expenses due to cost-tightening measures during the year, it said.