China Oriental Group Expects 50% Drop in H1 Profit

MT Newswires Live08-20

China Oriental Group (HKG:0581) expects at least a 50% decrease in net profit for the six months ended June 30, compared with a net profit of about 276 million yuan the previous year, according to a Monday filing on the Hong Kong bourse.

The downturn is primarily attributed to a decrease in the average selling price of steel products. The company cited weakened demand in the iron and steel industry among other factors.

Additionally, the gap between the cost of raw materials and the selling price of products has widened, resulting in higher production costs. The company also experienced fair value losses on its financial assets, further weighing on its profitability.

The iron and steel business company plans to publish its interim results on or before Aug. 31.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2460907525?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-08-20 18:12","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2460907525","market":"fut","top_or_hot":-1,"title":"China Oriental Group Expects 50% Drop in H1 Profit","media":"MT Newswires Live","content":"<html><body><p> China Oriental Group (HKG:0581) expects at least a 50% decrease in net profit for the six months ended June 30, compared with a net profit of about 276 million yuan the previous year, according to a Monday filing on the Hong Kong bourse.</p><p>The downturn is primarily attributed to a decrease in the average selling price of steel products. The company cited weakened demand in the iron and steel industry among other factors.</p><p>Additionally, the gap between the cost of raw materials and the selling price of products has widened, resulting in higher production costs. The company also experienced fair value losses on its financial assets, further weighing on its profitability.</p><p>The iron and steel business company plans to publish its interim results on or before Aug. 31.</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Oriental Group Expects 50% Drop in H1 Profit</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Oriental Group Expects 50% Drop in H1 Profit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-20 18:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mtnewswires.com/><strong>MT Newswires Live</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>China Oriental Group (HKG:0581) expects at least a 50% decrease in net profit for the six months ended June 30, compared with a net profit of about 276 million yuan the previous year, according to a ...</p>\n\n<a href=\"https://www.mtnewswires.com/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1225","symbol_name":"钢铁","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2460907525","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2460907525","pubTimestamp":1724148758,"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"China Oriental Group (HKG:0581) expects at least a 50% decrease in net profit for the six months ended June 30, compared with a net profit of about 276 million yuan the previous year, according to a M","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1225":"钢铁","00581":"中国东方集团","BK1594":"碳中和概念股"},"translate_title":"中国东方集团预计上半年利润下降50%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00581":0.9},"content_text":"China Oriental Group (HKG:0581) expects at least a 50% decrease in net profit for the six months ended June 30, compared with a net profit of about 276 million yuan the previous year, according to a Monday filing on the Hong Kong bourse.The downturn is primarily attributed to a decrease in the average selling price of steel products. The company cited weakened demand in the iron and steel industry among other factors.Additionally, the gap between the cost of raw materials and the selling price of products has widened, resulting in higher production costs. The company also experienced fair value losses on its financial assets, further weighing on its profitability.The iron and steel business company plans to publish its interim results on or before Aug. 31.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2460907525"}