Shengli Oil & Gas Pipe to Shrink Loss in 2024

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Shengli Oil & Gas Pipe to Shrink Loss in 2024

MT Newswires Live03-13

Shengli Oil & Gas Pipe (HKG:1080) expects an attributable loss of up to 45 million yuan for the year 2024, down from 98.4 million yuan a year prior, a Wednesday filing by the oil and gas pipe manufacturer with the Hong Kong bourse said.

The anticipated shrinking of loss was mainly due to the absence of an impairment loss related to the investment in an associate, as well as a significant rise in national pipeline projects and anti-corrosion processing business leading to higher gross profits.

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