Stock Track | China Communications Construction Shares Tumble on Disappointing Revenue Growth

Stock Track09-02

Shares of China Communications Construction Company (CCCC) plunged over 6% in intraday trading on Monday, as the infrastructure giant's first-half financial results fell short of market expectations.

CCCC reported a 0.59% year-over-year decline in net profit attributable to shareholders for the first six months of 2024, totaling 11.4 billion yuan ($1.6 billion). While net profit remained relatively flat, the company's operating income declined by 2.52% to 357.45 billion yuan ($50.2 billion), reflecting weaker revenue growth.

The lackluster performance appears to have disappointed investors, who had anticipated stronger growth from the state-owned construction firm. CCCC's shares tumbled as much as 8% in Shanghai and over 5% in Hong Kong following the earnings release.

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