10th Dec 2015 12:28
LONDON (Alliance News) - Hong Kong-based recyclable metal trader Zibao Metals Recycling Holdings PLC on Thursday said its pretax profit collapsed in the first half as its margins were squeezed amid tough trading in the European and Chinese markets.
Pretax profit for the group slumped 97% to HKD200,000 in the half to the end of September, from HKD5.9 million a year earlier, as the rough trading conditions in Europe and China hammered its margins amid market uncertainty in China and general weakness in Europe.
Revenue also dropped in the half, down 23% to HKD161.0 million from HKD208.3 million
"The market condition the PRC and Europe continues to be challenging. The group will continue to control its costs and manage the credit risks prudently. The group believes that it will be well positioned to benefit from a future recovery," said Chairman Joe Zhou.
Zibao shares were untraded on Thursday, having last traded at 1.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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