China Oriental Group Co (HK:0581) has released an update.
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China Oriental Group Co reported mixed financial results for the first half of 2024, with revenue slightly up by 2.3% to RMB 22.57 billion despite a decrease in sales volume for self-manufactured and traded steel products. The company saw a significant rise in gross profit by 25.2%, driven by a remarkable 500% increase in profitability from trading activities. However, there was a notable decline in profitability metrics, including a 55.4% drop in profit for the period and a decrease in basic earnings per share from RMB 0.08 to 0.03.
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