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BRIEF-Gulf Resources expects reduced earnings for Q3 and a loss for Q4 2017​
November 1, 2017 / 1:03 PM / 16 days ago

BRIEF-Gulf Resources expects reduced earnings for Q3 and a loss for Q4 2017​

Nov 1 (Reuters) - Gulf Resources Inc

* Gulf Resources provides updates on the rectification of its bromine business

* Gulf Resources - ‍ company and government of Yangkou County, Shouguang City have now agreed on a plan for Haoyuan Chemicals, company’s bromine business​

* Gulf Resources Inc - ‍expect that bromine and chemical operations will be closed during entire Q4 of 2017​

* Gulf Resources Inc - agreed on a plan for Haoyuan Chemicals which includes coal boilers should be dismantled

* Gulf Resources Inc - ‍as a result operations being closed company will report reduced earnings for Q3 of 2017 and a loss for Q4 of 2017​

* Gulf Resources Inc - ‍Gulf Resources would like to reiterate to investors that as of June 30, 2017, company had more than US$176 million in cash​

* Gulf Resources-after rectification of bromine business is completed, County to entrust governmental supervisory departments to conduct joint inspection​

* Gulf Resources-may start production again if bromine business pass inspection,otherwise production to be halted until rectification has been approved​

* Gulf Resources Inc - ‍ believes rectification for all of bromine business will be completed and that operations will recommence by end of March 2018​

* Gulf Resources Inc - ‍ “at this time, the government has not issued plans for company’s chemical business”​

* Gulf Resources Inc - ‍ believes completing all of rectification steps of its bromine business will cost approximately US$35 million​ Source text for Eikon: Further company coverage:

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