January 28, 2018 / 11:55 AM / 5 months ago

HNA Technology Investments expects to make profit for 2017

HONG KONG, Jan 28 (Reuters) - HNA Technology Investments Holdings Limited, a Hong Kong-listed company bought by Chinese conglomerate HNA Group last year, said on Sunday it expects to make a net profit for 2017.

HNA Technology’s parent HNA is facing global regulatory scrutiny of its governance and ownership.

Nearly half of HNA’s listed units have suspended trading in their shares, ahead of an anticipated restructuring. HNA faces rising financing costs after a $50 billion acquisition spree over the past two years.

HNA Technology Investments, valued at HK$959 million ($122.68 million), recorded a net loss of HK$18.5 million in 2016. It said in a statement the turnaround was primarily attributable to the improvements in its sales and gross profit of its smart card products operation.

$1 = 7.8171 Hong Kong dollars Reporting by Clare Jim; Editing by Jane Merriman

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