Honbridge Holdings Limited Provides Earnings Guidance for the Year Ended December 31, 2016
March 09, 2017 at 04:33 am EST
The board of directors of Honbridge Holdings Limited informed the shareholders of the company and potential investors that, based on the currently available information which includes, but without limitation to, the unaudited management accounts of the group, the group is expected to record a significant profit for the year ended 31 December 2016 as compared to a loss for the year ended 31 December 2015. The significant profit was mainly attributable to the decrease in the fair value of contingent consideration payable in relation to the Sul Americana de Metais S.A. ("SAM") project which results in a significant fair value gain for the year ended 31 December 2016. The fair value gain was partially set-off by the impairment loss on SAM's exploration and evaluation assets, the impairment loss on Shandong lithium-ion battery project and the significant decrease in revenue for the year ended 31 December 2016. Based on the above major factors, the Group is expected to record a significant profit for the year ended 31 December 2016.