Hilong Holding Slips To Loss In H1 On Impairment Charge, Weak Revenues
Hilong Holding Ltd. reported a loss of RMB324.87 million in H1, down from a profit of RMB46.56 million last year, primarily due to an impairment loss of RMB329.28 million and a 5.8% decline in revenue to RMB2.32 billion. The company expressed concerns about its ability to continue as a going concern and failed to repay its 2024 Notes, with accrued interest of RMB245.12 million as of June 30, 2025.
Hilong Holding Ltd. (HLONF), a Chinese oil field equipment and services provider, on Monday reported a loss in its first half, compared to a profit last year, primarily due to impairment loss as well as weaker revenue.
The firm added that there is a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern.
The firm reported a loss for the period amounting to RMB324.87 million, compared to a profit of RMB46.56 million in the year ago period. Basic loss per share was RMB 0.19, compared to a profit of RMB 0.03 in the prior year.
The latest results mainly reflected impairment loss of RMB329.28 million on write-down of the sales asset of the vessel.
The firm reported moving to a loss before income tax of RMB283.44 million, compared to a profit of RMB100.08 million a year ago.
Total revenue declined 5.8% to RMB2.32 billion from RMB2.47 billion a year ago.
The Group said it failed to repay the 2024 Notes and the interest due on the November 18, 2024 due date. The accrued interest payable as of 30 June 2025 amounted to RMB 245.12 million.
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