"Profit Warning" PETRO-KING estimates that its losses for the half-year may expand to a maximum of 15 million yuan

PETRO-KING (02178.HK) issued a profit warning, expecting a loss of no more than HKD 15 million for the six months ending in June, compared to a profit of HKD 400,000 in the same period last year. The increase in loss is mainly due to a significant decrease in revenue from providing production enhancement services to the southwestern shale gas fields in China; and the expiration of supervision service contracts in the Middle East market in the first half of 2024, leading to a reduction in revenue