Gelonghui, March 4 | Yanchang Petroleum International (00346.HK) announced that the Group expects to record a profit of about HK$575 million for the year ending December 31, 2023, compared with a loss of about HK$619 million last year.
The Group turned a loss into a profit in 2023, mainly due to (i) net income of approximately HK$779 million from the termination of consolidated accounts by a non-wholly-owned subsidiary in China; (ii) impairment of the Group's oil and gas assets of approximately HK$158 million; and (iii) provision of approximately HK$57 million for bad debts in China's petroleum and by-products trading business.