E&P GLOBAL (01142) announced annual performance, with a net loss attributable to owners of approximately HKD 329 million, a change from profit to loss compared to the previous year.

E&P GLOBAL (01142) announced its annual results for the year ending March 31, 2025, with a turnover of about HKD 489 million, a decrease of 26.37% year-on-year. The company's attributable loss was approximately HKD 329 million, a turnaround from profit to loss; with a loss per share of HKD 2.27. The announcement stated that the decrease in revenue was mainly due to a decrease in diesel and gasoline sales to several major customers of the group this year, resulting in a decline in purchasing intentions due to geopolitical tensions (including ongoing Russia-Ukraine conflicts, conflicts in the Caspian Corridor) and economic uncertainty related to US and OPEC policies. The turnaround from profit to loss was mainly due to an increase in impairment losses on exploration and evaluation assets (related to mining rights in the Group's Russian coal mine Zone 2) by approximately HKD 787 million (2024: reversal of impairment losses of approximately HKD 143 million), partially offset by (i) income from interest received on exempt convertible notes of approximately HKD 468 million; and (ii) income from interest-bearing borrowings written off of approximately HKD 49.72 million.