HAIK Haike Chemical

TIDMHAIK

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.

 
                         Yolanda Zhang, Company 
 HaiKe Chemical           Secretary                          +86 158 0546 
  Group                   yolanda.zhang@haikechemical.com     2695 
                                                             +44 (0) 20 
 Stockdale Securities    Richard Johnson                      7601 6100 
                         Shan Shan Willenbrock 
                          / 
                          Emma Crawshaw                      +44 (0) 20 
 Cardew Group             haike@cardewgroup.com               7930 0777 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 06, 2016 02:09 ET (06:09 GMT)

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