China Hongcheng suffers third straight year of losses; stock may be put on SGX watchlist
The financials of China Hongcheng Holdings have continued to worsen, prompting the company to flag a warning to shareholders. The company today reported a widening of its full year net loss to 81.9 million yuan from 68.2 million yuan previously.
Revenue fell by 3.4 per cent to 467.6 million yuan for the year ended June 30.
This was a result of intense price competition and decrease in sales volume.
In a separate statement, China Hongcheng noted that it had posted pretax losses for three consecutive years. Its market value has also fallen to $5.6 million.