Source - RNS
RNS Number : 0422J
HaiKe Chemical Group Ltd.
06 September 2016


HaiKe Chemical Group Limited

(the "Company" or "HaiKe")


Trading Update - correction


On 20 July 2016 the Company provided an update to the market and notified that it had delivered unaudited revenue of CNY 526.9 million and net profit of CNY 11.4 million for the six months ended 30 June 2016.


Due to an administrative oversight, this unaudited revenue figure did not incorporate a net-off of transactions between Haike and two companies, Shandong Hi-Tech Chemical Group Ltd. and Haiyuan Trading Pte. Ltd., which had been disposed as part of the Company's restructuring to divest its non-core and loss-making refining business in June 2014. Consequently, under the Company's agreed accounting policies, transactions with these two companies are recognized on a net method.


As a result, the Company's unaudited revenue, for the six months ended 30 June 2016 is expected to be CNY 350.7 million (HY2015: CNY 385.4 million).


The Company confirms that this correction does not affect the underlying profitability of the Company. Haike expects to deliver a net profit of CNY 11.4 million (HY2015: CNY 95,000) for the six months ended 30 June 2016, as previously announced.


In addition, the Company also notes that the comparative results stated in the 20 July 2016 announcement were figures for the 12 months ended 31 December 2015.


The Company expects to announce its Interim Results for the period ending 30 June 2016 at the end of this month.



HaiKe Chemical Group

Yolanda Zhang, Company Secretary

[email protected]


+86 158 0546 2695

Stockdale Securities

Richard Johnson


+44 (0) 20 7601 6100

Cardew Group

Shan Shan Willenbrock /

Emma Crawshaw

[email protected] 

+44 (0) 20 7930 0777


This information is provided by RNS
The company news service from the London Stock Exchange

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