Ocean Advanced Resources Company Provides Financial Guidance for the Six Months Ended 30 June 2016
August 05, 2016 at 06:10 am EDT
Grand Ocean Advanced Resources Company Limited board of directors announced that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2016, the Group is expected to record a substantial increase in the unaudited consolidated net loss for the six months ended 30 June 2016 as compared with the unaudited consolidated net loss for the six months ended 30 June 2015. The expected increase in the unaudited consolidated net loss was mainly attributable to the possible impairment losses on: the Group's property, plant and equipment in the manufacture and sale of plastic woven bags, paper bags and plastic barrels business segment; and the possible impairment loss on the Group's property, plant and equipment in the production and sale of coal business segment.