Summi Group stock jumps on profit forecast

Business | 10 Dec 2019 4:55 pm

Shares in Summi (Group) (0785) soared by 133.94 percent to HK$0.26 on forecast net profit for the full year and a loan repayment settlement with banks.

The company expects at least 300 million yuan net profit for 2019, compared with a net loss of 97.5 million yuan last year.

It also said that banks agreed to reduce their respective amounts of outstanding liabilities payable by the company to the settlement balances.

The borrowings with an aggregate amount of 643.64 million yuan were overdue as of end June, the company said in October.

The company and certain banks entered into a loan settlement agreement.

The amounts to be repaid will be US$20.49 million (HK$159.82 million) and the loan settlement expenses of HK$2.38 million. Once settled, the total remaining outstanding borrowings will be reduced to about HK$209 million.

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