Xinyi Glass Holdings (HKG:0868) expects a decrease in net profit by 30% to 40% for the year ended Dec. 31, compared with 4.9 billion yuan for the corresponding period of the previous year, according to a Tuesday filing with the Hong Kong Bourse.
The company attributed the expected decrease in profit to revenue and profit declines in the Group's float glass business due to a weak PRC real estate market and lower demand, disposal losses due to the Group's suspended production facilities, and lesser profit from the company's associate, Xinyi Solar Holdings.
The company's shares were down over 3% in the recent trading.
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