Shares of Shanghai Electric Group Co., Ltd. (02727) plummeted over 5% on Wednesday after the company reported a 32% drop in third-quarter net profit, despite higher revenue.
According to a Hong Kong Stock Exchange filing, Shanghai Electric's net profit attributable to shareholders stood at 156.6 million yuan ($21.9 million) or 0.010 yuan per share in the third quarter, down from 230.2 million yuan a year earlier. However, revenue rose 5.7% year-over-year to 26.5 billion yuan ($3.7 billion).
The divergence between the company's top-line growth and bottom-line decline appears to have caught investors off guard, leading to the significant sell-off in Shanghai Electric's shares. The broader market reaction suggests that the power generation and electrical equipment manufacturer's financial performance fell short of market expectations.
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