Paradise Entertainment Ltd (01180.HK) saw its shares plummet 5% in the pre-market trading session on Friday, despite reporting strong financial results for the fiscal year. The unexpected decline comes on the heels of a significant leadership change announced by the company.
On Thursday evening, Paradise Entertainment reported a revenue of HK$1.08 billion for the fiscal year and a profit attributable to shareholders of HK$361.1 million. The company also recommended a final dividend of HK11.0 cents per share, signaling confidence in its financial position. However, these positive financial indicators failed to prevent the stock's sharp decline.
The company also announced a major leadership reshuffle, which may have unsettled investors. Jay Chun has been re-designated as Chairman, while Zhang Jianjun has resigned from his positions as Executive Director and Co-Chairman. This sudden change in top management could be a contributing factor to the stock's negative performance, as investors may be concerned about the potential impact on the company's future direction and stability.
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