Flat Glass Group (HKG:6865, SHA:601865) expects net profit attributable to shareholders for the six months ended June 30 to fall between 81.3% and 84.7% from a year earlier to between 230 million yuan and 280 million yuan, according to a Monday Hong Kong bourse filing.
Hong Kong shares of the company were down about 3% in Tuesday morning trade.
Excluding non-recurring items, profit is projected to decline by 83.5% to 86.8%, landing between 195 million yuan and 245 million yuan.
The sharp drop was primarily attributed to a steep fall in photovoltaic (PV) glass prices due to industry overcapacity and intensified competition.
It also recognized impairment provisions on furnaces under cold repair and certain PV glass inventory.
Flat Glass said interim results are expected on or around Aug. 27.
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