Smoore International Logs 23% Drop in Q3 Post-Tax Profit

MT Newswires Live10-09

Smoore International (HKG:6969) recorded a 23% drop in post-tax profit to 378.9 million yuan for the three months ended Sept. 30 from 488.7 million yuan a year prior, a Tuesday bourse filing said.

Revenue for the quarter stood at 3.29 billion yuan, up 14% from 2.88 billion yuan in the year-ago period, mainly due to higher revenue from its self-branded business products and closed system products in the corporate client business.

From January to September, post-tax profit fell by 12% to 1.06 billion yuan, with revenue rising 4% to 8.32 billion yuan.

The vaping device manufacturer attributed the plunge in profit mainly to a significantly higher provision for income tax expenses.

Shares of the company closed over 4% lower on Wednesday.

Price (HKD): $12.36, Change: $-0.56, Percent Change: -4.33%

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