Q4 2020 Gulf Resources Inc Earnings Call
The question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference. Please press star zero from your telephone keypad.
Please note this conference is being recorded.
At this time I'll turn the conference over to Helen Zhu.
Ellen you may now begin.
Thank you operator morning, ladies and gentlemen on the grid.
All of those are people, joining us from China and at least that won't come off the top of the southeast.
Quarter end of fiscal year 'twenty Conference call. My name is head of IR director.
Oh of the company.
For the shelf see lots of challenges the call today I'd like to remind you of average net debt.
This call certain management statements during the call will contain forward looking statements.
The forward looking information about coffee shops in the population.
The subsidy early.
And the products means of them all of the route right.
Seven five on the Securities Act of 19 cents from city and then the whole shouldn't be that sticks and the Securities Exchange Act of nine 2% default.
Our subject to the safe habit created by the rules.
Actual results may differ from these.
As of today, taking into account of number of risk factors.
Maybe that's not the limited to the general economic on the beef meat condition.
The PRC the risks of sell sheets the belt.
For the 19th.
<unk> all out the bleak future product development and pulled back from Cabot many of these shipments.
Shipments to the top of my market acceptance of new and existing products.
You shouldn't of competition from existing on the new competition from from raw.
On me and the other on the field and debt chemicals.
Changing technology, the ability to make the future of bromine assets.
And of the other factors beyond its control all forward looking statements are expressly qualified in their untouched by the.
The cautionary statement and the.
The fact that details the easy comp.
So how do we actually see.
So all of what he thought he assumes no obligation to revise or update any forward looking statements to reflect events of all syndrome turnkey up to the day to all of this call on.
Called the need to our company believes that expectations reflected in those forward looking.
And that's on.
The reasonable and the pending no assurance of such.
Well part of it will be cash.
Cash.
In addition on exactly to the company's future performance the pregnant the management's estimates as of today the.
The nice of April 2021.
So those of you on April 10 days until the end protocol at the time, a replay will be available on the company's website.
Of course is also acceptable for the web.
Of that cost on the link is accessible through our website.
So people I'll kick off the press release issued the idea for the detail.
Okay.
So before we review the fourth quarter and the Sonya, which I believe have covered all of the questions from the company's investor and shareholders I'd like to turn the call. Although the mix of you for some introductory comments Mr. Neil goes on until.
Yeah.
Hi.
Oh yeah.
That's the number.
Yeah.
Yes.
Oh.
Oh.
The island two of them, we're going to the Nashville.
The send your strategic agenda on debt.
Well it might be shipped initial channel productions, and so kind of caveat.
Sure.
So we want that shows from top of.
Bing Jin value the assumed Oh on top.
Uh huh.
I hope the deal goes through you'll still thereabouts on board. He is he sounds a twofold.
It seems the tansey the.
The hope would you push the come true so in channel and Oh for sure for your assets for changing it.
So as you can see a portion of the channel.
Sure.
Thompson Conger maturity.
Oh, well me up with the approval of mandates you're glad for the N E.
Thank you Helen.
For Q3, you had been extremely difficult for our company we've had to comply.
All of the meal, governments' regulation, which required us to a rescue flights of our ball mill, that's key and the.
The trust of new chemical patch.
The shocked me up the first of all of our bromine on the pole shot at the mid teens open the box teach.
By the most of that these trucks of typhoon in Chinese history.
Now the only forced us to rebuild our for all of them.
On crude sauce, that's the beauty and debt.
Neil Neil Welch and Echo that it's also for the government to implement the loves control of Mad the environmental how do you make.
We had to face of carbon.
The damage.
Okay.
And debt.
Oh, well that's the only you can pull on you got you meet that you do being passed and the things for the E U.
You shouldn't give neal.
Yes, sure Zach on for them Okay.
Okay Gee of Shaw for you and Guangzhou Hegel careful don't you shouldn't penchant for cats.
For the E vehicle.
Now after three years, we have finally, the polychaete of 12 people culture and the generated positive cash flow from operations waking the me yes.
For bromine and crude stocks that's true.
She was the senior police low period.
Cause of code the temporary check on your culture and nature of the government of false the already closed are for environmental visits.
On.
So long way of life, well maintain the little Gwen.
So I'm watching G. Its index for food.
For the Jack the tissue sounds on Tinder at the AGM in eastern Gulf here.
Pseudo claim which I wish all of the change.
So you can pick on peak.
Well me a shoe on the R&D.
Rob on your wallet share.
Still true, but I am going from that channel.
Yeah from important caught the.
Yeah for sure.
Oh for shooting club with the tariffs.
So it's on two clients Jixi Shimbun.
You can go on top of general corporate it can go the same either meet.
Neat.
The Gulf the coupon.
Couldn't do the central and the money you can go yes, when we get into the country.
Oh sure they chew bags.
The Xiaomi live on tied to being to your watch items, while one total gcs yet on that.
Yeah.
Thinking change it sounded like Hugo.
As we look to Asia, we have the county.
As we look to the future we are becoming increasingly optimistic the Chinese economy is probably well I mean, why take the continued to decrease and the approach and we called high many of our for our smaller complex at quite the never be able to the open. We also have to be seen the approvals for.
The rest from on debt.
Actually it's in the second half of two of them plenty of that.
However, no assurance that we'll be able to up to the approvals necessary to operate.
The secretary from Gundlach of construction of our new Permian said she is on schedule. We expect that she will make high on net profit margin.
Company plans to focus more on the higher margin on the CH. According to the intermediate called that the company is optimistic about the each project each of crime problems and plan to cross the Ts.
Thank you for the nature of gas and the boy call attach approval related to government departments.
The government the planning has been finalized.
It does at all.
Once you go down the I'm well.
All of them in fact Goldman says that that holds true off of that.
Goggles without some type of swap outs on the.
Non talk to the but all of that's all true.
So as you know for the on the ambition.
Yeah, Neil for debt.
Sure Anthony the attacks you should get one Pete.
Michel will mean for you did you do that you don't go.
Constant currency kind of weird actually that you do.
You can always have been.
Junior Timna.
Uh huh.
So.
And what about the half off on the holiday politically in the shop.
You do the opinion when you enter a debt Ching Kwan.
Okay.
Cool.
Okay in the past two years, we have spent almost 16 million dollar property plant and equipment, yes, our balance sheet.
Excellent shape, we have all of our $94 million of cash and no debt on the closure of for Chinese new year, well, even past the hour first quarter. If you need we'll be able to generate profits and the cash flow in future quarters now.
Now, let me turn the call back to Helen to review of the fourth quarter and the fiscal year two on turnkey results.
Thank you Mr. Liu So now that's the type of first quarter 2020, yes. The first.
The false call type of problem shot he's had revenue of approximately net one point if you want on the house.
Revenue was $6 seven medium for all that call. It like the paints was approximately.
I have been part of nine 7 million to on that.
On a profit of.
$808000 before taxes on.
For the T. One mouse was for Seth back one.
All of loss for the nine months means that the folks since in the first quarter of two one times.
The balance also includes approximately one point sort of medium of the guy.
That's made where on the sexy overhead in could be on use of plant shutdowns.
On the what actually gets cold to operation that the one not yet the OPEC.
Each day total if added back to our income our operating businesses.
Perhaps needs to <unk> 2 million during the first quarter.
For the.
Our operating sites.
To close on December 26 for a downturn for environmental reasons. Many we lost one week of operations.
Well I mean for me and free time finally in the culture of Nissan.
Was upset by the loss of approximately 527000 on that includes such items have no key Cusco does most of his nominee week when the win.
Interest you called me and he has deep culture of Microsoft's win country true I know.
Our chemical and natural gas business, which were not in operation.
Which Jim the exhausted all of us.
Hi, Jack and the $6000 and that's the keep for thousands of dollars.
Talk to me.
On the first quarter, we generated cash from operations.
Approximately.
$6 million on pad to a net cash of approximately.
Three times there are millions of dollar in Q4 to the 19th.
Deployment of approximately 90 named on the although the results from the previous year.
And the Chinese economy continues to recover and production have you assumed the after the Chinese new year the price of bromine.
Hi, Ken Keno between free.
On the multi price each from C. I see that as a group and the spot price heat from sensors.
The price of bromine on April seven 2021, whereas the Andy.
The 36667.
Per tone do you see the an increase of 25% from Q2 to the 20.
So people on night percentage from chose to wait till the on countries.
On the tail on 5% from Q4 of 2020 sheets of alcohol as the major mistakes made.
Types of price increases.
The shift pinch quit thinking you can increase the cash.
On the profitability.
Now net to patch the 2000, physical yes about 20 days out.
India of 2020 of the company generated revenue.
366 percentage to approximate the 28 million to on the net.
Net profit increased 70 percentage.
Approximately eight 8 million net a.
Our loss from operations declined 58 percentage.
The approximate 10.2 minutes on that.
The loss included approximately eight declined $2 million of the neighbor and factory overhead and kind of give me the price shop that.
These losses were I think about to give them. The piece that's one of the opening too.
She ate jinright ex panties.
General and administrative.
The mean, it's tricky because indeed, the claim can be saved per cent teach to approximate $10.2 million on.
The loss from operations declined 58 percentage to approximate $10 million net on net loss declined 67 per cent teach to approximately eight points for a minute we loved the seven cents per share compared to $2 seven P. Three cents per share.
2019.
Hi, Hello, all cash flow showed stickney became the improvement we generated net cash from operations of approximately.
$9.3 million compared to a loss of 15 point moving into all of that in 2019.
And during the year two on 'twenty. The company spent approximately $21 $7 million on property plant and actually much.
Yes put on 19th the company spent approximately.
$66 million on.
P. J T. He can include major investments in our new niche in the chemical.
That's true new bromine and crude salt of especially sexy and thousands of nearly 22 of the rail and debt I called out.
Balance sheet.
The company's balance sheet.
She can remain strong at December 31st 2020 the.
The cash from Cogs to approximate $94 million cash per share from Cogs to $9 14 to three six.
Net net cash, which you kind of the cash minus all liabilities. We caught two approximating 17 17 million dollar of tens of $7 million. The net net of cash per share you called true $7.72 per ship.
Current assets equaled to approximately 207 point swing the until the current liabilities. He calls for approximately seven point of $1 million working capital equal to approximately <unk> hundred pardon two minutes watching the canceled for share you called the kidneys.
All of and put it.
Sure.
The accretion income to approximate $277 million shareholders' equity per share and cost too.
$27 and 71 six.
Now, let's look at the updates on operations by segment. If you think on important discussion part of which will cover most of the other question from countries of investors and shareholders.
Firstly of natural type of army and such.
The topic bag artists from the peak about the appointment all the 20th piece.
I mean on the crude salt segment.
Especially the strong increase in prices since the third quarter on the school the beginning of April as we discussed previously.
Part of the price to reinvent Eddie Eddie making because demand is quite a few of them.
Actually it was called the non cheat sheet.
She is the bromine can be widely yields in the call.
In the nation and yeah, a few competitors in the market the bromine prices to remain.
At least the level, we should have well.
Yep.
For two of them, telling you what because of all sections of well close for the FERC.
Week of.
First quarter.
Cause of it has to take a few days to get the hour centuries, 40 operating of our first quarter of Mi.
The hour noise for the quarter, you know yet however, the axiom excellent demand and if you need in the sea strong qualifies for for the remainder of the media.
The company working on the local also of interest in Shandong Province for a while ticket.
Finalize nishu the nature to our suite of ending the bromine and crude side of the section at this time the.
The major issues of Piet.
Rene to securing the bang for the country, whose stocks of polished out of pets trucking I caught that.
Two of more waste what type of areas away from.
Population centers on the follows up kind of month for out of control part of the seat.
Because of the government is still kind of Jubilee reach mortgage of patient they would like companies will make from the time.
The company Jack of much most of the off the modification modifications that may not be glad the complex.
However, we cannot be certain many of the approved approvals will come on the timing.
On the mean the factories up to the government accepted standard we think excellent the book progressed.
Is it the mate, but at this time.
For the past two received the approval from the well I mean on the crude shot at true.
Factories in the second half of 2021, however, yeah, no assurance that the wheel.
All the time the approvals from government.
After them to me one day.
The tax the hours of Tonight niche to be high on Denver.
Five percentage in 2020, but I'm not making projections at this time that will make them when we release, our fourth quarter results, which will be in the mi.
Approximately one month.
The data.
I believe having the cake eat like text bromine price. It will give me high I think that example on April 2nd Columbia price its work on the Sochi five Belgium.
770, true Santal Colgate to make up the war R&D.
So the 6222.
Yesterday, the breach the RMB 36000 of 667 as we have noted the Chinese economy. The Cobham Rami is a powerful.
It's infecting that he is a key element.
And probably 19 protection and tap Siggi had been sick of me thinking of your deals because many kentucky power of tend not to be able to conduct of the electrification.
Non secondly, the index low catches up chemicals segments. The economy also making excellent progress in the construction of the eastern chemical factory.
We expect to have construction completed I, just think of them quarter of year two of them one on.
And then the company will use all of the machinery and the testing of that came on.
The remainder of the year.
And the expect to begin the trial production.
The statue of true Yeah 2022.
Our kind of the cost estimates are still $60 million excludes the non compete.
For this new chemical factory.
We expect net.
That's the real projects higher net profit the module and we plan to focus more on the higher gross margin from the CH claimed to ameliorate that I referenced.
Reference our tool set piece had the all quiet on the earnings of.
Average them.
<unk> $9 2 million on the natural downtick teams, who worked for about 16 the.
Last two years of peripheral to the shutdown.
Nokia didn't have position to make projections for year 2020, the key.
Peaceful.
How quickly the company will be able to ramp up production.
And how have always net companionship on the multi mountain.
Yeah the meat.
About each of new technical section.
And that the company will continue to post the new photos of the progress of each kind of effect on its website.
I'd lost that's located that Nitro cash settlement.
Yeah.
We are also committed to out of mitral debt on the right call cats in the club.
So China has made one of the largest natural gas discovery.
In Chinese history in the same town as well.
We are waiting on for Citron pardon me.
Kind of like all eat the quantity.
Of the ease of use relating to the natrium cash on blind. However, we are encouraged by our discussions on the need.
The center really an amount of private companies.
The whole guess outsource bill for this project.
Yeah.
The deeper and position the other companies because of our approvals alcohol both for natural gas on the blind loves the trial has huge the policy.
Of nature of debt.
It also has the most concentrated at the Hawaii results, we have seen okay to drill for both products in the same location once we have approval for our for sale when.
When maybe semi team applications for the next two additional wells for.
The once we receive approval then they can see the passing of a week.
Other.
Copy of all enterprise.
That's the ex petrol kind of tenant.
Yeah.
At the last day.
The message of 12 shareholders.
He had been the I.
Had worked very diligently to reach the pumps to the request of our shareholders.
The updated our website. Please take a look at the changes and updates we have a larger debt well.
Ken PTO to make the improvements and ensure all the formation is current.
We also posted.
On your leg up on the chairman.
You shouldn't read the.
Hanmi to ourselves.
The planning investor events at this point, having ASP.
The difficult.
You also can see the opinion of our shareholder base values from Altoona institutional mice rats.
One of much the capitalization of increases finally.
The old our factsheet, including the new kind of affects the OPEC makes should be in the position to generate the free cash flow lots of we are in this position and they can see the.
How we can be can I get from cash flow through of benefit our shareholders.
We understand that right now of the forecast is on the opening of plants and the building of new kind of affecting.
But what steps are you prepared to take to help make the share price. Most of these sections of the value of all of the company.
Yes.
He will also provide our shareholders we are for.
Five year plan in the near future launch of business come back on track.
Appreciate the support and hope to have continuum postini.
I could not the.
Company management would like to send to our shareholders for their patience during this extremely.
Cod period in September to the assembly could not have on the school of how many difficult.
And different problems you would had to address now however.
We have excellent visibility towards the future and what do we see is very exciting we'd been beam. Yeah, you have position for two projects that we call the unused for all come from.
Once all of the company's facilities are back in the operation.
Okay, operator can we owe path for the appeal a section.
For sure. Thank you.
If you'd like to ask a question at this time you May press star one from your telephone keypad and the confirmation tone will indicate your line is on the question queue.
The press Star two if you would like to move for your question from the queue.
For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
One of them. Please while we poll for questions once again the star one.
[noise] [noise] one question for me for Starbucks at the moment.
For some of the kids.
Okay.
Thank you.
My first question is coming from the line of Matt wearing.
Please proceed with your question.
Right.
Please proceed with your vote.
Hi.
You saved the factory will have higher margin the chemical sector had the higher margins.
The other factor you have higher revenue as well as well thank you.
[laughter].
Okay.
It's all a data towards the other than that I'm talking from like I got them.
Like number.
Part of the New book Great T. Go go on time, which was a bomb.
For medical and frankly do for volume you can call the time to knock down.
The alcohol on the jewelry, you'll come tour that you got the list.
Oh gosh.
John.
Ugo can call of the Lindsay.
Hum.
Yeah.
Hi, why did you ever just constantly on this new batch yes, we.
We will focus on them.
Hi.
But that maybe the have higher net coffee to match it.
Hi.
Okay.
Have higher net profit margin.
Yeah.
And then alright. Thank you.
And then the other question is and other company you just said the company is focusing on rebuilding factories before buying back shares on anything but is the company allowed the buyback shares I know a while ago you guys weren't allowed to buy back shares or the low are you allowed to know thanks.
Yeah.
Yeah.
Mhm.
I think we didn't say the.
Clearly, what we would do but can we say that share.
The company will kind of tease out how it kind of tonight for the free cash flow to benefit yes.
The shareholders in the future.
All of that yet but are you just the are you allowed to buy back shares.
Okay. Okay. Thank.
Thank you I will ask the game.
Other though.
Oh sure sure I'd take a bunch of the notion that you wind the pad the when he sees the logic of them.
From the doing for you may want because of the Union about 10 of those are going to only call the who kind of tweaking changing yourself on the horizon, causing for them. So we don't see going to adopt.
Felipe you on calls Havent simple things.
Yes, she single pill.
I'm sure the region.
Hmm.
I will share with my family, which is what is the since you're moving.
Thanks for the called Yugo.
When I came here when the.
Bob just on sure.
The big machine with the type of year perpetual call. She was the trough.
On the truth, but you didn't go to other countries.
Much of our Aqua from country.
Go upstream from Trump lingo, a bunch of attention.
Oh I.
That's all of the tourism.
Each of it women's debt waste for for.
For example, just like it's right for you what the shrinking.
And the channel almost like new.
Called the NUCYNTA from piece of what the machines.
We are of interest.
Okay.
Hi, why so as we say bad hit as the.
All of our factories, including the new chemical sector of the old type of issue on our position and because we need the free cash tool from the chemical factories when nature of gas and therefore, our volume fluctuates tobacco operations and the big plants would be knocks on me for all Staycation, yet with the government.
For the shows that debt. So we are now come from.
About your of I'm sorry.
Based on current Simon's policy, yes.
Yeah, Yeah yeah.
Yeah.
The next question comes from the line of John Rolfe of private Investor. Please proceed with your questions.
Yes, congratulations on returning to profitability.
Right.
Is there any timetable.
For the decision to build additional wells.
Sichuan Province.
Yeah.
Yeah.
Yeah.
Yeah.
That's all true from take a chunk of eventually do go on to your front door. Neil you got the one time that you took the all point to try and channel.
It doesn't go from here, how do you move from shrunken, Georgia Hsinchu that relationship.
That's the right.
Hmm.
Okay.
The terms with the T Slim the Clinton.
On the equivalent of that you've got shuffled the deck.
In terms of a bunch of the.
You don't get the change that kind of any of that day the quick charger on one.
One for me.
One of the kind of go to the solution well most of the day pursuit to get you on.
That's the most you have made a fantastic.
Cash that's useful for century.
Mhm.
Yeah.
[noise] Hi, John cash.
From the new debt because now the company you'll meet him the dominant to finish at the plant because the.
The trial called the government is doing it's the folks Iraq folks won't mining resource is plenty for the whole pardon me.
Once the government finish it's the platts the.
The company can continue with its application and submitted the application for.
Predominance departments for the approval after debt when we can have on most technique of kind of could be on timetable on the companys pack.
So now.
We cannot call back is really that Patrick timetable until the government, finishing their job for us.
Okay.
So you seem to be in a similar.
With regard to your on opened the factors.
But you're waiting for the government.
For the province to make yet.
But are there any they're not even from other pieces of it.
It's now the D C that you'd like to be out of doing the planning for the whole program. We've.
Regarding its mining of restarting and manganese meant the resource.
Yeah, usually theres some of that.
Schedule for the government to make a decision you don't have such a schedule.
Oh, just any time in the hands of.
Checking.
That goes on to Trump strawberries, or the two time for them for their take on what you should rely on the gosh, Yeah Tommy girl.
Country of Chi Wen, you'll get much of us, having Suzanne Josh it kind of for that.
I suggest that the junior and the good the.
That's a good share.
Simple chimbote I wish them, well I'm trying to hold on the N D. So dominion true chemically.
The change of the Pimco Hotel chain index for Dominion True, let me go or total.
How much of a onetime.
That's sort of a bunch of you hope one tranche of different tissue types has been sort of cheap debt since June.
Okay.
So the.
Based on our understanding the <unk>.
<unk> debt.
In this year to run 21 the.
The.
The Keith and his house I start, making their plan to pardon me for a government in Sichuan province, and debt that gets you to that in terms of one.
And maybe that's the trend.
Plumbing show dominance may finish their pen like beginning of the year to down the second.
And does that kind of come from the meat sandwich, it's a pay patient in full for the.
Approval for the wells that time.
Yeah.
Thank you. Thank you.
No weapon.
Our next question is from the line of Charlie Cheever Cheever Partners. Please proceed with your questions.
Yes My question is.
What is the.
The development plan for the natural gas will you try to develop on that on your own or will you bring in one of the so he's as partners to develop it.
And then the second question is would you consider.
Spinning out the natural gas into a separate company.
Yeah.
It was all Joshi of kind of the single anything extra for flying when searching she's telling me now on to ship on Yo yeah for the alcohol jetblue for them politically.
Oh, Yeah sure the ocean from each up high on to ship share my colleague social hold back channel cheat on to stand on that.
In the intellectual you don't lose share.
Pick the shoe you are kind of looking for women Toyota on the share to your club bulk of then make Oh, you'll see the Gulf of sorts or what's the time to about half of them from types of one two or even going for tissue, what maybe the time would be the mobile, especially one of them.
Cash of Shaanxi I'll just.
Sure.
Some of you don't.
On detail to share the quick my one true.
Well I mean, and then what you know now that I think Oh other still for the ship.
Channel, what Mike Jackson tied the.
So that's where the simple kind of uncle conjecture.
But what are you seeing the Queen's day travel.
What causes all of it how quickly pushing for the Cleveland from each one of the book out.
Okay.
So the comps these T cells, the any long term planning the company make can see the pack no sheep.
Either on the supply chain a state owned enterprise.
Separately I could meet natural gas projects as a separate company.
In long term cheap, but the most important thing we've seen but we have to do now is.
I took on the finish each plant the company get to the approval and the first on the new mobile approvals of Yale I forget the company will have more bargaining power range in discussion is the other that could come from each doing the income.
The impact of machine.
Separately, the natural gas into a new company.
Okay. Thank you.
Thank you me on when it comes.
Okay.
The next question is from the line of Jim Private Investor. Please proceed with your question.
Hi.
The shareholder for the past 10 years on and off.
My question is that what matters the.
The company is planning to take.
In the order to meet the most stringent.
Requirement for auditor team by.
The security and exchange for commissions.
Hi, sorry.
I think I did not catching the commodity do you mind just the PTO question.
Yes.
What is the company's long term or short term plan.
In order to meet.
The more stringent.
Requirement all of the time requirement.
Set by Securities and Exchange Commission.
That's the most concern matter.
From the shareholder point of view.
Yeah.
Okay.
And I got to repeat the question. So you know what's the comp with longtime extra time for that to making compromises. The S. E C U E.
For them to make for the company Okay.
I know, but if we'd been on at least.
One of them.
Sorry go ahead.
Okay. Thank you.
These are the key to the exchange Andrew We've got time rush of boutique the capital she and the tranche as well.
Kind of comes the flying she club town shoes of Chi what she's got me on that's why I'm going to the mountain Dew I see that you got from the alkali that feature of Shang true.
Hopefully that can share.
Please.
Hum.
So it's the English as well sequentially.
The music on for Jim Tor, just a warmer institute the.
Jean George do you book, which is I don't want from the social channel. When we go to name the part of debt Trimble for the syntax.
The one woman the how can we talk just for that.
Female luncheon from J P J condra likelihood.
Over the same time.
The sound glitches with the she mentions of shaft two acquired the number of things you've got to shoot at too low a.
Uh huh.
That's just on the Xiaomi box.
Shouldn't be the credit access you distribute the just a merchant on shadow of war and Oh.
So.
Mobile channel should I saw for me H for something else you said that for me.
On the Lingo quake.
It's the schools for the quarter.
And the.
The she got the.
The value share, which Oh cool way that well, maybe a quick Hollywood that your share.
For the sheer Jayson.
The EG.
The <unk> Joshi cash sit on the shekel.
For like a quick look into the.
I will jump in debt.
Jones of the well not quite so hot warm in the Cleveland Cleveland from the trial.
You see the onshore jus simple from Glen day shift for them.
The one for lingo she's.
She said to me of course, absolutely true yes.
Gotcha.
[noise] country by the culture.
But that didn't directly answer my question.
George.
The old Mr. Liu mentioned that is.
All he is.
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Okay. Okay. So here is the response from this new debt Firstly of course, the company operating business had to be on.
Operating well for Abbvie magazine mentioned, the every business segment share back and Oh.
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What message are you going to pass on to the investors I know some friends Chinese friends, they're all kind of concern about.
Whether the company is.
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Okay. So for the families that two of our oldest Tonight I just want to have a brief translation between Australia and the mistake.
The firstly there we're talking about here.
When the economy Rami sexy kind.
On back somewhat of play.
What's the size of the what's the site ease of Libya.
And then the snow stayed back when our debt well on the common thing is to end of the crude side of the company section of operation because you'll be too out of all of the suite.
As compared to the beginning of before the factories shut down.
Okay.
And the plays the next year.
The company can do this.
And that should make package.
Pardon me called section of wheels.
Kidney Sachin is the production almost like a full production at the trial production by the end of the off net for production by the end of next year.
Can I ask about the rise of bromine on the chemical products price if I knew cruise ship on time on what's the reason for the move.
And that's there are several days of the first two of them because of kind of panic on the is the traveling on.
The day, you said you need more bromine and the basic mechanical materials.
Secondly, the on net competitors it calls for the rectification via Assam broaden the century chemical factory was shut down before.
And does the total production type of taking movies and that's true had had decreased.
So the.
The basic chemical products, the materials, I, Didnt Christmas and time on though.
Then the sinking ask about ease.
The bromine price company of the Sally totally Blake.
On top of insight on that.
It's the only sponsor that is not how can it depends on the economy. The bromine price of a steel you're kind of in the by the market demand.
The last question for on the tells me he asked about the magic of share of Rami on the supply of golf in South East the ease of bromine. That's true last yeah. They are for two five percentage of bromine.
Yeah part of them to the India market that I got from South deep.
By the way the bromine factory on crude sort of factories are back on the operation the year. After next year, it's not the share of Mi achieved six to seven percentage.
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The information.
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Hi, Appraise Act the way you have question.
There are no additional questions at this time for.
Michelle.
Okay. Thank you that's one of them.
Ill then tail on the athlete that's true cash flow back.
Oh yeah.
Yes, Hi, Bob I was not that.
Hi, Paul the thank you that's all for today. Thank you for the call.
You have on that and enjoy the day.
Thank you. This will conclude today's conference. Thank you Youre welcome on you may disconnect. Your lines of this time. Thank you for your participation.
Thank you.