Stock Track | Yihai International Plunges 8% as H1 Profit Slumps Despite Revenue Growth

Stock Track08-28

Shares of Yihai International Holding Ltd. plummeted nearly 8% on Wednesday after the Chinese condiment maker reported a 14% drop in first-half profit despite a double-digit increase in revenue.

The Hong Kong-listed company said its attributable profit fell to 308.3 million yuan ($43.4 million) in the first six months of 2024 from 357.8 million yuan a year earlier, missing analysts' expectations. Earnings per share declined 13% to 0.3178 yuan.

However, Yihai's revenue grew 12% year-over-year to 2.93 billion yuan, driven by strong demand for its sauces and seasoning products. But higher costs and expenses appeared to have weighed on profitability, disappointing investors who sent the stock tumbling 7.96% to HK$10.62 in intraday trading.

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