FIT Hon Teng drops most in nearly 2 months as H1 estimates below forecast

Foxconn Interconnect Technology

08/07/2024 03:39

** Shares of Taiwan-based FIT Hon Teng Ltd  6088.HK ,
formerly Foxconn Interconnect Technology, drop 11% to HK$3.16,
on track for their biggest intraday decline since May 10, if
trend holds
    ** Stock second-biggest loser in Hang Seng Composite Index
on information technology firms  .HSCIIT  
    ** The headset and speaker system maker expects to post net
profit ranging from $28 mln to $33 mln for H1, as compared to $9
mln net loss the same period a year ago, as demand from the
computing and networking markets recover
    ** That compares to SmartEstimate's forecast of $45.8 mln
profit for the first half period
    ** Hang Seng Composite Index on information technology firms
 .HSCIIT  slips 0.6%, and Hang Seng Index  .HSI  falls 1.4%
    ** Stock up 178.8% YTD  

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