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Yanchang Petro (00346) sees annual loss to reduce to HK$58m
Yanchang Petroleum (00346) said it expects to
record a loss of around HK$58 million for the year ended 31 December 2017, which has been
significantly reduced as compared to a loss of around HK$270 million for the previous
year.
  Despite the low international crude oil prices environment in 2017, the oil and gas
producing business in Canada, through remarkable operational efficiency enhancement as 
well as various cost reduction initiatives, successfully managed a turnaround. In
addition, the refined oil trading business in the PRC has remained profitable and also 
contributed to the decrease in the loss of the Group. The loss of the Group includes,
inter alia, convertible bonds interest of around HK$37 million and business development
expenses of around HK$6 million destined to position the Group for future growth.
  Its annual results announcement is expected to be published on or about 28 March.

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