KUALA LUMPUR (Nov 28): China Ouhua Winery Holdings Ltd chief operating officer Wang Wei has resigned, citing "health problems".

According to the group's Annual Report 2016, Wang, 53, has held the post since Nov 23, 2009.

He is the brother of Wang Chao, the founder and chief executive officer of China Ouhua.

Prior to China Ouhua, Wang joined Yantai Fazenda Ouhua as deputy general manager, overseeing the operations of the company.

According to a separate filing with Bursa Malaysia today, China Ouhua's net loss has narrowed to RM1.78 million in the third quarter ended Sept 30, 2017 (3QFY17) from RM3.79 million a year ago, on lower marketing and distribution, and administrative expenses. Loss per share came in at 0.26 sen compared with 0.57 sen in 3QFY16.

This was on the back of a 5.2% increase in revenue to RM2.48 million in 3QFY17 from RM2.36 million in the previous year.

For the cumulative nine months (9MFY17), its net loss shrank to RM3.7 million from RM8.62 million a year ago, while revenue was up 3.5% to RM4.95 million from RM4.78 million in 9MFY16.

China Ouhua shares closed down one sen or 8.7% at 10.5 sen today, with 7.09 million shares traded, for a market capitalisation of RM70.14 million.