Honghua Group Swings to Profit in H1

Hong Kong-listed rig supplier and engineering services provider Honghua Group August 29 reported a profit for the six months to June (H1 2019) as against a loss in the same period last year.

Profit attributable to shareholders was yuan 60.8mn ($8.5mn) as against a loss of 118.4mn in the year ago period. Honghua's revenue increased to yuan 2.04bn from 1.15bn, owing to rise in shale gas projects, it said. New orders for shale gas related equipment and services exceeded yuan 600mn.

In China, Honghua completed more than 1,100 stages of fracturing operations, a threefold increase over H1 2018. Meanwhile, Honghua's electric fracturing system completed a record of eight fracturing operations in one day in the Xinjiang Mahu shale gas region, the company said. In the Sichuan Changning and Weiyuan shale gas development core regions, Honghua completed five fracturing operations in a day, which according to the company is a record.