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Nan Nan Res(01229) issues profit warning
14 Nov 2017
(Infocast News) Nan Nan Resources (01229) issued profit warning that based on the information currently available to the Board, since more sales effort has been put by the senior management of the Xinjiang office of the Group, it is expected that the Group’s total revenue for the six months ended 30 September 2017 may record a substantial increase of approximately 180% to approximately HK$72.8 million, as compared to the total revenue of the Group for the six
months ended 30 September 2016 of approximately HK$25.8 million. However, as there was a decrease in gross profit margin, the gross profit of the Group for the six months ended 30 September 2017 is expected to increase by approximately 118% to approximately HK$18.5 million.

Despite the aforesaid substantial increase in the total revenue and gross profit, the Group expects to record a decrease in the net profit for the six months ended 30 September 2017 as compared to the net profit of approximately HK$25.9 million for the six months ended 30 September 2016, which is primarily attributable to (i) the decrease in profit arising from the change in fair value of the convertible bond of the Company for the six months ended 30 September 2017; and (ii) the significant impairment loss expected to be recognized in respect of the mining rights and related fixed assets of Kaiyuan Open Pit Coal Mine of the Group for the six months ended 30 September 2017 due to the expected capital expenditures for the environmental protection remedial works which result in the expected decrease in the appraised value of the Coal Mine Assets.

(SY)
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