Gome Energy Holdings (06885) reported an interim loss of RMB 1.09 billion for the six months ended June 30, widening from a loss of RMB 120 million a year earlier, and said it will not pay an interim dividend.
ETNet reported that the larger loss was driven by an RMB 1.47 billion impairment loss under the expected credit loss model and higher selling and distribution expenses of RMB 167 million. Revenue rose to RMB 4.56 billion, gross profit increased 62% to RMB 380 million, and gross margin improved 1.7 percentage points to 8.8%.
The company said outstanding bank borrowings fell to about RMB 2.1 billion at June 30 from the end of last year.