Water group Guangdong Investment hits over 10-year low on weak results

Guangdong Investment

31/10/2022 04:28

** Shares of Chinese water distribution and sewage treatment
group Guangdong Investment Ltd  0270.HK  drop as much as 17.4%
to HK$5.03, their lowest since June 2012, and on course for
third straight session of fall
    ** Stock set for the biggest daily pct decline since January
1999 if losses hold; biggest pct loser in Hang Seng Composite
Index tracking utilities  .HSCIU  and second biggest pct
decliner in Hang Seng Composite Index  .HSCI   
    ** Company says its 9-month profit attributable to owners
eased 0.6% year-on-year at HK$4.7 bln ($598.79 mln) while its
overall revenue down 19.7% at HK$17.8 bln amid revenue drop in
property investment and development  urn:newsml:reuters.com:*:nFWN31T84K
    ** Says revenue from water supply decreased 2.6%
year-on-year for the 9-month period, of which revenue from water
sales to Hong Kong increased 1.1% while water sales to Shenzhen
and Dongguan areas decreased 13.8%
    ** That compared to 21.7% growth in net profit and 37.7%
jump in revenue during the same period in 2021  urn:newsml:reuters.com:*:nFWN2RP2JO
    ** Hang Seng Composite Index tracking utilities  .HSCIU 
falls 1.8%, while Hang Seng Composite Index  .HSCI  climbs 0.5%
and Hang Seng Index  .HSI  gains 0.8%
    ** As of last close, the stock had fallen 38.6% this year
($1 = 7.8491 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))