Stock Track | CONCH VENTURE Shares Plunge After Reporting 35% Drop in First-Half Profit

Stock Track08-28

Shares of China Conch Venture Holdings (HKG:0586), a leading cement and construction materials company, faced a sharp sell-off on Tuesday, plummeting by over 5% in intraday trading. This substantial decline was triggered by the company's disappointing financial results for the first half of 2024, which saw a significant drop in both profits and revenue.

According to a filing with the Hong Kong Stock Exchange, Conch Venture reported a profit attributable to equity holders of 1.18 billion yuan ($166 million) for the six months ended June 30, 2024. This figure represents a substantial 35% decrease compared to the 1.82 billion yuan ($256 million) reported in the same period last year. The company's earnings per share also fell to 0.67 yuan, down from 1.00 yuan in the previous year.

The decline in profitability was accompanied by a notable drop in revenue, which stood at 3.13 billion yuan ($440 million), a decrease of nearly 30% from the 4.44 billion yuan ($625 million) recorded in the first half of 2023. While specific reasons for the revenue decline were not provided, analysts have cited challenging market conditions and intense competition in the construction materials sector as potential factors.

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