Pearl Orient Oil (HKG:0632) expects loss-making 2011


Pearl Oriental Oil Limited (HKG:0632) has warned that it expects a consolidated net loss for the year ended 31 December 2011, as compared to the consolidated net profit for 2010, mainly due to the impairment loss on fair value in intangible assets. However, the group had not made any cash payments for the impairment loss.

The board of directors believes that the group has a strong net cash position with no bank borrowing and it currently has a better financial and operating position, and its foundation of the oil and gas business will remain solid and have sustainable development potential.

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