Straits Petroleum and Chemical Industry (00852.HK) issues profit warning, expecting shareholders' losses to be about 62 to 66 million Hong Kong dollars in the midterm of 2025.

Wisdom Finance APP News, The Straits Petroleum and Chemical (00852.HK) announced that as of June 30, 2024, the unaudited loss attributable to the shareholders of the company was approximately 8.8 million Hong Kong dollars. It is expected that for the six months ended June 30, 2025, the company will incur a loss attributable to the shareholders of approximately 62-66 million Hong Kong dollars. This is mainly due to the unfavorable market conditions in the petrochemical product manufacturing business, resulting in a decrease in gross profit, a significant increase in legal and professional fees paid by the former management, and administrative expenses incurred by the current management in relation to the resumption of trading of the company's shares on the Hong Kong Stock Exchange, partially offset by an increase in net foreign exchange gains.