Stock Track | China Rail Construction Shares Plunge on Disappointing H1 Earnings

Stock Track09-02

Shares of China Railway Construction Corp. (CRCC) plunged over 7% on Monday, as the company's lackluster financial performance in the first half of 2024 weighed heavily on investor sentiment.

The Chinese railway construction and engineering giant 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, for the first six months of the year. CRCC's operating income also fell 5% to 516.1 billion yuan ($73.1 billion) compared to the same period last year.

The weaker-than-expected earnings results, which missed market expectations, triggered a sharp sell-off in CRCC's shares on both the Shanghai and Hong Kong stock exchanges. The company's Hong Kong-listed shares fell 7% in recent trade, while its Shanghai-listed shares dropped over 6%.

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