Stock Track | Shineway Pharmaceutical Surges Nearly 9% on Higher First-Half Profit

Stock Track2024-08-29

Shares of Shineway Pharmaceutical Group Ltd. (02877.HK) rallied nearly 9% in intraday trading on Wednesday, August 29, following the company's announcement of a significant increase in its first-half profit.

The Hong Kong-listed pharmaceutical firm reported a 27.5% year-over-year increase in profit attributable to owners, reaching 626.6 million yuan (approximately $88.7 million) for the six months ended June 30. Earnings per share rose to 0.83 yuan from 0.65 yuan in the same period last year.

While Shineway's revenue for the first half declined to 2.09 billion yuan from 2.40 billion yuan a year earlier, investors welcomed the strong profit growth. The company also announced an interim dividend of 0.54 yuan per share, including a second interim dividend of 0.11 yuan per share.

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