Dolomite to shut Shandong boiler

PETALING JAYA: Dolomite Corp Bhd (DCB) is shutting down a nine month old boiler in Shandong, China to give the local government time to fully enforce the closure of small boilers.
Its unit Shandong Dolomite Thermal Power Co. Limited (SDTPL) commenced business in the generation of steam and electricity on March 3, 2017 but has yet to achieve the required steam sales mainly as a result of the Shandong Government not fully enforcing its directive to shut down small boilers of nearby industries.
In view thereof, the board of directors of DCB, having taken into consideration of all aspects, has made the decision to temporarily cease the operation of SDTPL effective tomorrow.
The move is not expected to not expected to have any material effect on the earnings of DCB for the current financial year ending Dec 31, 2017.
DCB posted a net loss of RM21.98 million for the nine month period ended Sep 30, 2017 against revenue of RM72.72 million for the period.
The company's share price fell half a sen to close at 21.5 sen with some 10,000 shares.