Xinte Energy Expects to Swing to Loss in H1; Shares Drop 4%

MT Newswires Live07-10

Xinte Energy (HKG:1799) expects a net loss attributable to the shareholders in the range of 780 million yuan to 950 million yuan for the first half of 2024, against a net profit of 4.76 billion yuan in the previous year, according to a Tuesday filing on the Hong Kong bourse.

The company attributed the expected swing to loss to lower sales prices amid changes in market supply and demand, as well as higher shipping costs of key equipment.

The power solutions provider will announce their final published H1 results before the end of August.

The company's shares were down nearly 4% recently.

Price (HKD): $7.70, Change: $-0.31, Percent Change: -3.87%

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