E-Commodities Holdings Limited provided unaudited earnings guidance for the year ended December 31, 2016. The group is expected to record a net profit attributable to shareholders of approximately HKD 2.5 billion to HKD 3 billion as compared to the net loss attributable to shareholders from continued operations of approximately HKD 1.615 billion recorded over the same period in 2015. The Board believes such profit is primarily attributable to: supply-side policy reform under PRC national policies addressing over-capacity in the production of coal which has stabilized and even increased the price of thermal and coking coal; an overall improvement in the coal market during the second half of 2016 which, together with policy reforms mentioned above, has resulted in a move from oversupply to greater balance between supply and demand; the successful completion of the rights issue and the restructuring of the company's 8.5% senior notes due 2016, which have resulted in an extraordinary gain of approximately HKD 2 billion; there being no impairments in the year ended 31 December 2016 similar to those recognized in the corresponding period in 2015 which were significant contributors to the loss recorded in that period; and an improvement in the company's operational performance through higher revenue, buoyed in part by an improving industry sector, continuing efforts to boost the company's business, including through the development of the company's new business model; and more stringent risk management in the commodities logistical and trading business sector.