HK's Honghua jumps on strong earnings outlook for 2018

Honghua

04/01/2019 05:32

** Shares of drilling rigs maker Honghua Group Ltd  0196.HK 
jump 10 pct in their biggest intraday pct gain since May 9 last
year 
    ** Co expects to post a profit for 2018 as compared with a
significant loss in 2017, thanks to the recovery of global oil
and gas industry, and its cost reduction measures  urn:newsml:reuters.com:*:nFWN1Z20F8
    ** Company says sales of equity interests in offshore
segment have also improved profitability 
    ** The stock fell 38.8 pct in 2018
    ** Honghua has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 7.7 percentage points in the
past one month 

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))