Feilong Auto Components Expects Up to 67% Fall in Q1-Q3 Profit; Shares Fall 6%
MT Newswires Live
Oct 08
Feilong Auto Components (SHE:002536) forecasts attributable profit to fall 59% to 67% to between 95 million yuan and 117 million yuan in the first three quarters from 286.7 million yuan in the year-ago period, according to a Thursday filing with the Shenzhen bourse.
The auto parts manufacturer expects earnings per share to slide to between 0.17 yuan and 0.20 yuan from 0.50 yuan a year earlier.
The downbeat forecast is attributable to rising raw material prices, exchange rate fluctuations, and intensified competition.
Feilong's shares fell 6% during afternoon trading on Thursday.
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