Economic Information Daily News (12th) reported that Johnson Electric (00179) is currently down 10.8%, trading at HK$15.10, with approximately 380,000 shares traded, involving a turnover of HK$56.7 million.
Johnson Electric announced that its expected profit for the interim period ended September 30 will range between USD 50 million and USD 58 million, representing a year-on-year decrease of 56% to 62%.
The group stated that total revenue is expected to be broadly comparable to the same period last year. The decline in profit is attributed to significant foreign exchange gains recorded in the prior year, which were not repeated in the current period, estimated to have reduced net profit by approximately USD 49 million to USD 55 million year-on-year. Additionally, pricing measures taken in response to competitive market conditions, provisions made for customer deductions and claims still under negotiation, rising raw material and other input costs, as well as inflationary pressures on labor and other operating costs, have contributed to the profit decline. However, favorable changes in other income, provisions, and taxation have partially offset the negative impact on profitability.
Currently, the Hang Seng Index stands at 24,434, up 223 points or 0.9%, with turnover on the main board exceeding HK$2.9 billion. The Hang Seng China Enterprises Index is at 8,229, up 81 points or 1%. The Hang Seng Tech Index is at 4,241, up 43 points or 1%. (vs)
Johnson Electric announced that its expected profit for the interim period ended September 30 will range between USD 50 million and USD 58 million, representing a year-on-year decrease of 56% to 62%.
The group stated that total revenue is expected to be broadly comparable to the same period last year. The decline in profit is attributed to significant foreign exchange gains recorded in the prior year, which were not repeated in the current period, estimated to have reduced net profit by approximately USD 49 million to USD 55 million year-on-year. Additionally, pricing measures taken in response to competitive market conditions, provisions made for customer deductions and claims still under negotiation, rising raw material and other input costs, as well as inflationary pressures on labor and other operating costs, have contributed to the profit decline. However, favorable changes in other income, provisions, and taxation have partially offset the negative impact on profitability.
Currently, the Hang Seng Index stands at 24,434, up 223 points or 0.9%, with turnover on the main board exceeding HK$2.9 billion. The Hang Seng China Enterprises Index is at 8,229, up 81 points or 1%. The Hang Seng Tech Index is at 4,241, up 43 points or 1%. (vs)
