Xingda to See Up to 50% Fall in 2024 Profit

MT Newswires Live

03/17

Xingda International (HKG:1899) forecasts its attributable profit to plunge 35% to 50% in 2024 from 449.4 million yuan in 2023, according to a Friday filing with the Hong Kong bourse.

The wire products and cord manufacturer's guidance is attributable to lower selling prices due to intense competition in the steel cord industry and higher sea freight costs.

Xingda looks to publish 2024 results by the end of March.

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