MIE Holdings warns of wider net loss for 2024

MIE Holdings Corporation (HKEX:1555) issued a profit warning, projecting a consolidated net loss attributable to owners in the range of RMB300 million to RMB350 million for the year ended December 31, 2024. This compares to a net loss of RMB157.5 million for the prior year. The company attributes the expected increase in losses primarily to a decrease in revenue from crude oil sales due to lower sales volumes, as well as an anticipated impairment loss on property, plant, and equipment in the PRC. This impairment is linked to the decreasing recoverable amount of assets as the expiration date of the Daan PSC approaches. MIE Holdings advises shareholders to exercise caution and plans to release its full annual results by March 31, 2025.