Pet food maker TDH drops as H1 sales sink on pandemic hit

TDH Holdings

27/11/2020 15:21

** Chinese pet food maker's U.S.-listed shares  PETZ.O  fall
as much as 4.3% to $1.33
    ** Says H1 2020 revenue plunged 96.5% to $282,532 on lower
orders as PETZ temporarily closed its factories in response to
the coronavirus outbreak
    ** Reports H1 net loss narrowed to $604,008, from a loss of
$1.7 mln a year earlier, helped by cost controls
    ** Says its revenue remains negligible following the gradual
resumption of its operations in May 2020 
    ** Adds it may need additional financing if co's operations
worsen further, or if co incurs unanticipated capital
expenditures, but it cannot be certain if that financing would
be available at all or on favorable terms
    ** PETZ says its 2020 revenue could be significantly lower
vs last year, but its net loss could be smaller due to
cost-saving efforts
    ** Stock has gained about 3% YTD

 (Reporting by Ankit Ajmera in Bengaluru)
 ((Ankit.Ajmera@thomsonreuters.com))