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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。