According to the information from Wisdom Financial APP, Ares Asia (00645) announced its performance for the six months ending on September 30, 2024, with revenue of 3.317 million US dollars, an 88.1% year-on-year decrease; a net loss of 0.652 million US dollars, a 17.9% year-on-year increase; and a basic loss per share of 0.13 US cents.

During this period, income from coal and other commodity trading business decreased by 88.12% year-on-year. The group sold thermal coal originating from Indonesia to mainland China, with a total sales volume of approximately 0.038 million metric tons, compared to about 0.33 million metric tons in the same period last year. The decrease in revenue and transaction volume is mainly due to several factors: seasonal decline in thermal coal demand, in unfavorable market conditions, China's coal market purchase prices are often lower than the Indonesia Coal Index (ICI) prices, leading to price inversion and affecting transaction volume. China also gives priority to domestic coal consumption over imports, intensifying competition. Despite these challenges, the group remains actively engaged with customers and suppliers to secure long-term contracts as a measure to address such unfavorable conditions.