Shares of China Rail Construction plunged over 7% on Monday amid disappointment over the company's lackluster financial results for the first half of 2024.
The Chinese railway construction and engineering firm reported a 13% year-over-year decline in net profit attributable to shareholders to 11.9 billion yuan ($1.7 billion), or 0.79 yuan per share. Operating income also fell 5% to 516.1 billion yuan ($73.1 billion) compared to the same period last year.
The weaker-than-expected performance weighed heavily on investor sentiment, leading to a sharp sell-off in the company's shares on both the Shanghai and Hong Kong stock exchanges.
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