Resources and commodities investor and trader APAC Resources Ltd. (1104.HK) said on Monday it returned to the black in final six months of last year, boosted by a return to profitability for its resources investment segment.
APAC Resources said it expects to report a profit of between HK$1.4 billion ($180 million) and HK$1.9 billion for the final six months of last year, compared with a loss of HK$310 million a year earlier. It said its resources investment segment was profitable in the latest six-month period, compared with a loss of HK$184 million in the year-ago period. It also credited the “expected reversal of impairment loss of an associate” as a factor behind the improvement.
APAC Resources shares were up nearly 17% in early afternoon trading on Monday. The stock has more than tripled over the last 52 weeks.
By Doug Young
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