Hanwei Energy Services Reports Year End Fiscal 2016 Financial and Operational Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/22/16 -- Hanwei Energy Services Corp. (TSX: HE) ("Hanwei" or the "Company"), today reported its financial results for the year ended March 31, 2016 (the "2016 Fiscal Year") and provided an operational update. All amounts are in Canadian Dollars unless otherwise noted.
Hanwei''s principal business operations are in two complementary segments of the oil and gas industry as both a specialized pipe supplier to the industry and as an operator of its own producing oil and gas properties in Alberta. In general the global fall in oil and gas commodity prices negatively impacted the overall industry with numerous projects placed on hold. This significantly impacted revenue to the Company''s Pipe manufacturing business unit and its Oil & Gas production unit. For the financial year ended March 31, 2016 a summary of the Company''s annual financial results are as follows;
Operations
Capital Expenditures
Oil and Gas Reserves
Bank Debt
The total principal amount of all bank loans was $6.8 million as at March 31, 2016, representing a 37% debt to equity ratio (total bank debt divided by total shareholders'' equity). The Company believes that it has sufficient debt facilities to support its current operations and will continue to assess its debt structure based on the requirements of the business. A short-term loan of $4.8 million owed by Harvest (the Company''s wholly owned subsidiary in China) to a Chinese bank is currently due with 7.9% per annum interest being paid. While this loan represents approximately 70% of the Company debt facilities it is discussing with the lender the renewal or extension of the loan.
Other
Hanwei will host a conference call to discuss its operational and financial results for the year ended March 31, 2016. Graham Kwan, Executive Vice President and Rick Huang, Chief Financial Officer of Hanwei will host the call. Management invites analysts and investors to participate on the conference call:
Date: Thursday, June 23, 2016
Time: 1:00 p.m., Eastern Time (10:00 am Pacific Time)
Dial in number: 1-888-397-5352 or 1-719-325-2308
A replay of the conference call will be available on the Company''s website .
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp.''s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a leading manufacturer of high pressure, fiberglass reinforced plastic ("FRP") pipe products and associated technologies serving major energy customers in the global energy market) and as an operator of its producing oil and gas mineral rights at its Leduc Lands and Entice Lands in Alberta.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION
Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company''s Annual Information Form dated June 21, 2016 and Management Discussion and Analysis for the year ended March 31, 2016 both of which are filed with Canadian securities regulators and available on SEDAR at . The forward-looking information in this press release describes the Company''s expectations as of the date of this press release.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION.
Contacts:
Graham Kwan
Executive VP, Strategic Development and Corporate Affairs
604-685-2239
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239
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Datum: 22.06.2016 - 14:31 Uhr
Sprache: Deutsch
News-ID 1443195
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Oil & Gas
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