Stock Track | Sanergy Group Shares Plunge 14% After Reporting Wider Loss on Lower Revenue

Stock Track09-02

Shares of Sanergy Group, a major graphite electrodes manufacturer based in Hong Kong, plunged as much as 14.46% in Monday trading after the company reported a wider loss for the first half of 2024 amid declining revenue.

According to its filing, Sanergy Group recorded a loss attributable to owners of $14.4 million for the six months ended June 30, significantly higher than the $4.2 million loss in the year-ago period. Revenue dropped to $32.1 million from $43.7 million a year earlier, with the company citing lower average selling prices for its graphite electrodes as the key factor behind the decline.

The disappointing results appeared to rattle investors, sending Sanergy Group's stock tumbling nearly 5% at the market close on Monday. With the broader market selloff, the losses extended further in early trading on Tuesday.

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