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Shares of Shandong Molong slide 6 pct after it posts full-year loss
April 1, 2014 / 1:56 AM / 4 years ago

Shares of Shandong Molong slide 6 pct after it posts full-year loss

HONG KONG, April 1 (Reuters) - Shares of Shandong Molong Petroleum Machinery Co Ltd slid 6 percent in resumed trade on Tuesday after it reported a full-year loss for 2013.

Late on Monday, Shandong Molong reported a full-year net loss of 175.7 million yuan ($28.26 million), compared with a profit of 134.3 milllion yuan a year earlier. It postponed the release of its earnings on Monday and suspended its shares pending the release.

Shandong Molong’s stock fell as much as 6 percent to HK$1.91, lagging a 0.6 percent gain for the benchmark Hang Seng Index.

Petrochina , China’s largest oil and gas producer, and state-run oil group China Petroleum and Chemical Corp (Sinopec Corp) are the company’s main customers, accounting for more than a quarter of revenues. ($1 = 6.2180 Chinese Yuan) (Reporting By Anne Marie Roantree; Editing by Paul Tait)

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