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Shandong Molong (00568) year net turns black to Rmb38.04m

  Shandong Molong Petroleum Machinery (00568) said
it reported a preliminary net profit attributable to the equity holders of Rmb38.04
million for the year 2017, as compared to the net loss of Rmb612 million for the previous
financial year.
  Basic earnings per share were Rmb4.8 cents.
  Total operating income amounted to Rmb2,965 million, an increase of 93.66% from a year 
earlier.
  Such improvement was mainly due to the fact that in 2017, the increase of the crude oil
price and the change of the economic circumstances improved the market of tube products, 
especially in the second half of the year, during which the market demand and the market 
prices of the oilfield products increased in various degrees when comparing to the first 
half of the year.

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