Aluminium group China Hongqiao drops most in 4 months on lower profit, dividend

China Hongqiao

29/08/2022 04:19

** Shares of aluminum products manufacturer China Hongqiao
Group Ltd  1378.HK  drop as much as 6% to HK$7.92, the biggest
intraday pct decline since April 26
    ** Stock sinks to the lowest since Aug 23 and on course for
a second session of losses; second biggest pct loser in Hang
Seng Index  .HSI  and in material index  .HSCIM  
    ** The Shandong-based co says its H1 revenue jumped 31% to
14.96 bln yuan ($2.16 bln) from last year, but its net profit
fell 3.6% to 7.8 bln yuan year-on-year  urn:newsml:reuters.com:*:nFWN3020UQ
    ** Co declares an interim dividend of HK$0.41 per share,
compared with HK$0.45 each in H1 2021 
    ** Says its business and operations will face uncertainties
amid unfavourable factors, including trade frictions, resource
and environmental policies, industrial structure adjustments,
increased production costs and geopolitics
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.5%,
material index  .HSCIM  drops 2.4%, and Hang Seng Index  .HSI 
falls 0.8%


    ($1 = 6.9140 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))