Shares of Brilliance China Automotive Holdings (HKG:1114) plunged 5.11% in intraday trading on Monday, following the company's announcement of a sharp decline in its 2024 financial results. The automaker reported a 60% drop in profit attributable to equity holders, signaling significant challenges in its operations.
According to the filing with the Hong Kong Bourse on Friday, Brilliance China's profit fell to 3.10 billion yuan in 2024, down from 7.73 billion yuan in the previous year. Earnings per share also took a hit, decreasing to 0.61465 yuan from 1.53312 yuan. These figures fell short of analyst expectations, with a consensus estimate of 0.78 yuan per share from five analysts polled by Visible Alpha.
The company's revenue saw a modest decline of 2.3%, dropping to 1.10 billion yuan from 1.12 billion yuan year-over-year. Despite the overall negative financial performance, Brilliance China announced a special dividend of HK$1.00 per share, scheduled for payment on Friday. This dividend announcement may be seen as an attempt to soften the blow for shareholders, but it appears insufficient to counteract the market's reaction to the disappointing financial results.
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