Fuyao Glass (03606) Falls Nearly 7% in Morning Trading as Exchange Losses Drag Nine-Month Net Profit Down Almost 15%

Stock News10-21

Fuyao Glass (03606) dropped nearly 7% in morning trading. As of press time, the stock fell 6.59% to HK$51.7, with a turnover of HK$61.5588 million.

On the news front, Fuyao Glass announced that for the first three quarters it achieved operating revenue of RMB 34.123 billion, up 2.46% year-on-year; net profit attributable to shareholders was RMB 6.006 billion, down 14.97% year-on-year.

In the third quarter, the company's operating revenue was RMB 12.152 billion, up 2.51% year-on-year; net profit attributable to shareholders was RMB 2.036 billion, down 9.87% year-on-year and down 9% quarter-on-quarter.

According to the announcement, the profit decline was mainly due to the impact of exchange gains and losses. The company recorded an exchange loss of RMB 1.067 billion in the first three quarters, compared with an exchange gain of RMB 481 million in the same period last year. Between the two periods, the exchange item alone created a difference of approximately RMB 1.548 billion. After excluding the impact of this exchange gain and loss factor, the company's total profit for the first three quarters increased by 1.18% compared with the same period last year.

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