PETRO-KING (02178) announces profit growth, with projected annual profit attributable to shareholders not exceeding 25 million Hong Kong dollars in 2025.
Pacer Oil & Gas (02178) announces that the group is expected to achieve a profit attributable to owners of the company of not more than HK$25 million for the year ending December 31, 2025, while in 2024, the company incurred a loss of approximately HK$17.8 million attributable to owners of the company. The improvement in profitability is mainly attributed to: (i) the depreciation expense on properties, factories, and equipment reduced during the reporting period as certain factories and machinery were fully depreciated in 2024; (ii) an increase in government subsidies enjoyed by the group during the reporting period; (iii) the performance of the group's share in associate companies turned from loss to profit during the reporting period.
PETRO-KING (02178) announces that the group expects to achieve a profit attributable to the owners of the company of not more than 25 million Hong Kong dollars for the year ending December 31, 2025, while in the year 2024, the company's owners' share of loss was approximately 17.8 million Hong Kong dollars. The improvement in profitability is primarily due to (i) the depreciation of several factories and machinery to their residual value in 2024, resulting in a decrease in depreciation expenses for properties, factories, and equipment during the reporting period; (ii) an increase in government subsidies enjoyed by the group during the reporting period; and (iii) the group's share of joint venture company performance turning losses into profits during the reporting period.
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