Ruichang International (HKG:1334) forecasts its net profit to plunge 81% to 10.3 million yuan in 2024 from 55.2 million yuan in 2023, according to a Thursday filing with the Hong Kong Stock Exchange.
The petroleum refinery and petrochemical equipment manufacturer attributed the foreseen decline to lower total revenue and gross profit due to a decrease in sales, a lower gross profit margin due to competition, and higher selling and administrative costs, the filing said.
Ruichang expects to publish full-year results by the end of March.
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