(Infocast News) CHI SILVER GP (00815) issued a profit warning. The group expects to record a net loss of RMB25 million to RMB35 million for the six months ended 30 June 2022, as compared to a net loss of RMB2,394 million for the corresponding period in 2021.

Such expected significant year-on-year decrease in net loss is mainly attributable to the onetime write-off of inventories of approximately RMB2,408 million recorded in 1H 2021 as a result of certain inventory of raw materials of Jiangxi Longtianyong, a major subsidiary of the group’s manufacturing segment, being deemed to be hazardous waste and ordered to be disposed of, and the absence of the Inventory Write-off in 1H 2022. (WL)