SINGAPORE - Fabchem China subsidiary Shandong Yinguang Technology Co has successfully loaded its commercial explosives products onto the vessel arranged by Orica Australia through the Port of Weihai on Sept 21.
Earlier this month, the mainboard-listed company issued a profit warning as the explosions at the unrelated warehouses situated at the Port of Tianjin has led to the temporary closure of other ports, namely Port of Qingdao and Port of Weihai, which another subsidiary, Yinguang Technology, is using for the export of commercial explosives.
"The closure of these ports and stoppage of port activities for commercial explosives have affected our customers' vessels from docking at the ports and thus Yinguang Technology has been unable to load the commercial explosive products onto our customers' vessels," said Fabchem in a statement.
As a result, the impact on the group's financial performance for the sceond quarter and financial year ending March 31, 2016 may be significant.
"With the resumption of port activities for commercial explosives at the Port of Weihai, the potential impact of the temporary port closures on the financial performance of the group appears to have decreased significantly," said Fabchem.