Stock Track | Xinyi Glass Plunges 5% on Weak 2024 Profit Outlook

Stock Track
01-02

Shares of Xinyi Glass Holdings plummeted 5.07% in intraday trading on Thursday, following the company's warning of up to 40% decline in 2024 net profit.

In a filing with the Hong Kong Stock Exchange, Xinyi Glass attributed the expected profit drop to several factors:

  • Revenue and profit declines in its float glass business due to a weak real estate market in China and lower demand
  • Disposal losses from suspended production facilities
  • Lower profit contribution from its associate company Xinyi Solar Holdings

The Hong Kong-listed glass maker's profit outlook dampened investor sentiment, underscoring challenges faced by the company amid China's sluggish economic recovery.

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