Haitian International's Interim Profit Falls 7.7% on Revenue Up 0.9%; Shares Slide Over 6%
Haitian International reported interim net profit attributable to shareholders of RMB1.581 billion for the six months ended June 30, down 7.7% year-on-year, with earnings per share of RMB0.99 and no interim dividend. Revenue rose 0.9% to RMB9.102 billion, while gross margin fell 1.7 percentage points to 31.1%, citing lower overseas revenue share and renminbi appreciation. Shares fell over 6% intraday to HK$18.39, last trading at HK$18.40, down 6.2%.
Haitian International announced its interim results for the six months ended June 30. During the period, profit attributable to shareholders was RMB1.581 billion, down 7.7% year-on-year, with earnings per share of RMB0.99 and no interim dividend. Revenue for the period was RMB9.102 billion, up 0.9% year-on-year. The gross margin stood at 31.1%, down 1.7 percentage points from a year earlier, which the company attributed to a lower proportion of overseas revenue and the appreciation of the renminbi against the US dollar.
Following the results announcement, shares of the company fell, at one point dropping over 6% to an intraday low of HK$18.39. As of 3:11 p. m. , the stock was trading at HK$18.40, down 6.2%, with turnover of HK$44.8 million.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is negative for General Industrial Equipment, with intensity 50/100 and 70% confidence over a short term horizon.
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