Fabchem China, which produces and sells explosives and explosive devices for commercial use, says its subsidiary Shandong Yinguang Technology had successfully loaded its commercial explosives products on to a vessel through the Port of Weihai on Sept 21.
Earlier on Sept 7, Fabchem China had issued a profit warning after the explosions at the unrelated warehouses at the Port of Tianjin resulted in the temporary closure of the Port of Qingdao and the Port of Weihai. Yinguang uses the latter for its export of commercial explosives.
Fabchem China said the closures had initially disallowed Yinguang’s customer vessels from docking at the port so Yinguang was unable to load its commercial explosive products on the vessels. As such, the group expected its financial performance for 2QFY2016 and the financial year ending March 2016 to be adversely impacted.
With the resumption of port activities for commercial explosives at the Port of Weihai, the group now expects the financial impact of the temporary port closures to be significantly lower.
Further details of the group performance will be disclosed when its 2QFY2016 results are released on or before November 13, it adds.
Fabchem’s shares have been suspended from trading since Sept 7.
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Earlier on Sept 7, Fabchem China had issued a profit warning after the explosions at the unrelated warehouses at the Port of Tianjin resulted in the temporary closure of the Port of Qingdao and the Port of Weihai. Yinguang uses the latter for its export of commercial explosives.
Fabchem China said the closures had initially disallowed Yinguang’s customer vessels from docking at the port so Yinguang was unable to load its commercial explosive products on the vessels. As such, the group expected its financial performance for 2QFY2016 and the financial year ending March 2016 to be adversely impacted.
With the resumption of port activities for commercial explosives at the Port of Weihai, the group now expects the financial impact of the temporary port closures to be significantly lower.
Further details of the group performance will be disclosed when its 2QFY2016 results are released on or before November 13, it adds.
Fabchem’s shares have been suspended from trading since Sept 7.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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