Tianneng Power International (HKG:0819) expects a 62% to 66% year-over-year decline in attributable profit for the six months ended June 30.
Revenue is also expected to fall by around 5% to 8% from a year prior, according to a Friday Hong Kong bourse filing.
The battery manufacturer attributed the profit forecast to high levels of upstream raw material prices, intensified competition in downstream industries, and the slower-than-expected recovery in demand.
The lower expected revenue was due to the scaling down of the company's trading business.
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