SPT Energy Group warns of significant net loss

SPT Energy Group Inc. (HKEX:1251) has issued a profit warning, indicating a substantial net loss attributable to equity owners of the Company for the year ended December 31, 2024. The Group expects to record a net loss ranging from RMB250 million to RMB300 million, a significant downturn compared to the net profit of RMB16.7 million reported for the previous year. The Board attributes this anticipated loss primarily to reduced work days due to extreme weather in Kazakhstan, provisions for asset impairment, and decreased revenue and profitability stemming from customer cost reduction policies and increased market competition. The company advises shareholders and potential investors to exercise caution and to await the full results announcement expected by the end of June 2025. Trading of the shares has been suspended since April 1, 2025.