SANY INT'L Shares Drop Nearly 16% in Morning Trading as First Three Quarters Net Profit Falls 2.6% Year-on-Year; Rising Raw Material Costs Weigh on Emerging Businesses

Stock News10:36

SANY INT'L (00631) fell nearly 16% in morning trading. As of press time, the stock was down 15.85% at HK$6.53, with a turnover of HK$106 million.

On the news front, SANY INT'L released its results for the first three quarters, reporting consolidated revenue of RMB 22.171 billion, up 22.2% year-on-year; profit attributable to owners of the parent company was RMB 1.664 billion, down 2.6% year-on-year.

The board believes that the decline in net profit during the nine-month period was mainly due to a decrease in the consolidated gross profit margin of emerging industry products caused by rising prices of silicon wafers, silicon materials, and battery cell raw materials, as well as a reduction in subsidies received by the group.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment