Oceanus: Posts a loss of Rmb720.0m compared to prev yr same period profit of Rmb68.6m due to a Rmb642.6m loss in biological assets due to mortality in larger sized abalones. CEO to resign on poor results. 3Q rev was 71.5m -19.1% yoy -36.6% qoq. Loss is very substantial given that NAV of co is Rmb1.1b
Co has stated it will restructure to improve liveability rates of the abalones grown and address issues of production costs and inefficiencies
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