Stock Track | China Everbright Environment Stock Plunges on Weaker H1 Earnings

Stock Track08-27

Shares of China Everbright Environment Group Ltd (HKG:0257) plummeted as much as 7.9% during intraday trading on Sunday, following the release of the company's financial results for the first half of 2024.

The environmental protection company reported a 12% year-over-year decline in profit attributable to equity shareholders, which fell to HK$2.45 billion for the six months ended June 30, 2024. Revenue for the period also decreased by 4% to HK$15.61 billion compared to the same period last year.

Despite the weaker performance, the company declared an interim dividend of HK14.0 cents per share. However, investors appeared to be concerned about the company's slower growth, leading to the sharp sell-off in the stock.

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