Shanghai Fudan Microelectronics Group Expects Up to 38% Decline in Nine-Month Profit

MT Newswires Live10-18

Shanghai Fudan Microelectronics Group Company (HKG:1385) expects a profit attributable to the owners of about 400 million yuan to 450 million yuan for the nine months ended Sept. 30, representing a decrease of about 30.78% to 38.48% compared with the profit of about 650.1 million yuan for the prior year, according to a Friday filing on the Hong Kong bourse.

The company attributed the expected decrease in profit to the lower revenue and gross profit margins, group's increased research and development expenses for the current period compared with the corresponding period of the previous year.

The Company plans to publish its third quarterly report in October.

The microelectronic company's shares were up by almost 16% at the close of trade.

Price (HKD): $17.80, Change: $+2.4, Percent Change: +15.89%

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