HK Stock Market Move | PETRO-KING (02178) surged over 14% after announcing positive earnings, with expected annual net profit not exceeding HK$25 million for shareholders.

PETRO-KING (02178) rose by more than 14% after the announcement of its profit, reaching 12.33% as of the time of writing, with a price of 0.255 Hong Kong dollars and a turnover of 7.1464 million Hong Kong dollars. On the news front, on March 10, PETRO-KING announced 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 it incurred a loss of approximately 17.8 million Hong Kong dollars attributable to the owners of the company. The improvement in profitability is mainly due to the depreciation of some factories and machinery to their residual value in 2024, leading to a reduction in depreciation expenses for properties, factories, and equipment during the reporting period; an increase in government subsidies enjoyed by the group during the reporting period; and the performance of the group's share in associated companies turning losses into profits during the reporting period.