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Huaxia Energy Holdings(08009) released its results for the six months ended September 30, 2022, with a profit of approximately HK$56.09 million, a year-on-year decrease of approximately 72.36%; a net loss of HK$6.223 million, compared with a net profit of HK$2.023 million in the same period last year; a loss per share of HK$10.57 cents.
According to the announcement, the turnaround was mainly attributable to the disruption of the global supply chain and an increase in the provision for impairment losses under the expected credit loss model of trade receivables.
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