Stock Track | ESSEX BIO-TECH Shares Plunge 10% After Reporting Weak H1 Results

Stock Track08-27

Shares of ESSEX BIO-TECH (HKG:1061) plummeted as much as 9.66% in intraday trading on Monday, following the release of the company's financial results for the first half of 2024.

The Hong Kong-listed biopharmaceutical firm reported a 7.3% year-over-year decline in profit to HK$157.4 million for the six months ended June 30th. Revenue also fell sharply, decreasing by 9.8% to HK$811.6 million compared to the same period last year.

While ESSEX BIO-TECH raised its interim dividend payout to HK$0.06 per share from HK$0.045 a year ago, the weaker financial performance appeared to weigh heavily on investor sentiment. The company's earnings per share declined to HK$0.269 from HK$0.288 in the first half of 2023.

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