Jinwu Financial News | Yanchang Petroleum International (00346) was higher in early trading. At the end of press release, it rose 10.59% to HK$0.47, with a turnover of HK$74,900.
According to Yanchang Petroleum International's announcement, the Group expects to record a profit of approximately HK$575 million for the year ended December 31, 2023, compared with a loss of approximately 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.