Changes in Hong Kong stocks | Johnson Electric Holdings (00179) opened more than 10% lower and the profit attributable to shareholders in the interim period is expected to fall 56% to 62% year over year

The Zhitong Finance App learned that Johnson Electric Holdings (00179) opened more than 10% lower. As of press release, it decreased by 10.76% to HK$15.1, with a turnover of HK$5.671,000.

According to the news, Johnson Electric Holdings announced that the profit attributable to shareholders for the six months up to the end of September will be between 50 million US dollars and 58 million US dollars, a decrease of about 75 million US dollars to 83 million US dollars from 133 million US dollars in the same period last year, a decrease of 56% to 62%.

The company mentioned that one of the main reasons for the decline in net profit is foreign exchange related effects. It recorded impressive foreign exchange earnings in the same period last year, but there was no equivalent income in the current period. It is estimated that net profit will decrease by about 49 million US dollars to 55 million US dollars due to foreign exchange factors. In addition, rising costs of raw materials and other inputs, as well as inflationary pressure on labor and other operating costs, also have a negative impact on profits.