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Jilin Jien expects FY'16 loss to narrow

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Jilin Jien expects FY'16 loss to narrow

Jilin Jien Nickel Industry Co. Ltd. said Jan. 21 that it expected its net losses for 2016 to range between 1.9 billion and 2.2 billion Chinese yuan, compared to the 2.87 billion yuan loss posted for 2015.

The company attributed the net loss to asset impairments as well as increased finance costs resulting from overdue debts.

Jilin Jien had previously flagged a net loss for 2016 and warned again that its shares could be suspended from trading by the Shanghai Stock Exchange.

As of Jan. 20, US$1 was equivalent to 6.88 Chinese yuan.