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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.