MIG: Profit Warning
May 14 -- This announcement is made by Mongolia Investment Group Limited (HK:402) (the "Company") pursuant to Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
As a result of the unsatisfactory progress in production of the coal mine operated by Tugrugnuuriin Energy LLC, an indirect wholly-owned subsidiary of the Company, in Tugrug Valley, Mongolia (the "TNE Mine"), an impairment loss on the valuation of the mining rights of the TNE Mine is expected to be recognised.
Accordingly, the board of directors (the "Board") of the Company wishes to inform the shareholders of the Company and potential investors that it is expected that the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2012 may experience a significant loss.
The impairment loss is subject to the results of valuation of the rights on the TNE Mine.
As the Company is still in the process of finalising the audited results of the Group for the year ended 31 March
2012, the information contained in this announcement is only a preliminary assessment of the management accounts of the Group as at 31 March 2012 by the Board and is not based on any figures or information audited or reviewed by the auditors of the Company.
Further details of the annual results of the Group will be disclosed as and when the annual results of the Group for the year ended 31 March 2012 are announced.Shareholders of the Company and potential investors are advised to exercise caution when dealing in shares of the Company.
As a result of the unsatisfactory progress in production of the coal mine operated by Tugrugnuuriin Energy LLC, an indirect wholly-owned subsidiary of the Company, in Tugrug Valley, Mongolia (the "TNE Mine"), an impairment loss on the valuation of the mining rights of the TNE Mine is expected to be recognised.
Accordingly, the board of directors (the "Board") of the Company wishes to inform the shareholders of the Company and potential investors that it is expected that the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2012 may experience a significant loss.
The impairment loss is subject to the results of valuation of the rights on the TNE Mine.
As the Company is still in the process of finalising the audited results of the Group for the year ended 31 March
2012, the information contained in this announcement is only a preliminary assessment of the management accounts of the Group as at 31 March 2012 by the Board and is not based on any figures or information audited or reviewed by the auditors of the Company.
Further details of the annual results of the Group will be disclosed as and when the annual results of the Group for the year ended 31 March 2012 are announced.Shareholders of the Company and potential investors are advised to exercise caution when dealing in shares of the Company.
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