Shares of Shanghai-based biotechnology company HAOHAI BIOTEC (06826.HK) plunged over 11% on Friday, following the release of the company's third-quarter earnings report that fell short of market expectations.
According to the filing with the Hong Kong Stock Exchange, HAOHAI BIOTEC reported a net profit attributable to shareholders of 105.6 million yuan ($15.9 million) for the quarter ended September 30th, representing a 13.13% decrease compared to the same period last year. Earnings per share (EPS) also dropped by 11.76% year-over-year to 0.45 yuan.
Despite a slight 0.22% increase in revenue to 670.4 million yuan ($100.8 million), the company's weaker profitability overshadowed the top-line growth, causing concerns among investors. As a result, HAOHAI BIOTEC's shares closed at HK$30.25, down 10.77% or HK$3.7 on the day.
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