Shanghai Prime Machinery (SPM) foresees a consolidated net loss of RMB 30 to 40 million for the first six months of 2020. The company says that the COVID-19 escalating into a global pandemic has urged governments from around the world to enforce various measures which put a temporary stop to the manufacturing facilities of most SPM’s automotive clients, especially those in China and Europe. SPM foresees a substantial loss in fastener business in the first half of 2020 due to the resulting slump of fastener production and sales. Furthermore, an additional non-recurring restructuring cost of around RMB11 million was generated from SPM for shutting down a factory in Berlin. SPM announced in November 2019 to close the factory, which is expected to shut down completely in the 3rd quarter of 2020. (…)
Shanghai Prime Machinery Foresees Mid-term Profit Loss | Fastener World
