China's Hollysys Automation Technologies falls after results disappoint

Hollysys Automation Technologies

15/05/2020 16:07

** Chinese industrial automation equipment maker's
U.S.-listed shares  HOLI.O  fall ~16% at $18.63 premarket
    ** Says Q3 rev fell 35% to $80.8 mln and adj net income
declined 50% to $13.9 mln, hurt by the coronavirus crisis 
 urn:newsml:reuters.com:*:nPn2k3P4Fa
    ** Research and development expenses jump 18% to $10.2 mln,
while adj gross margin slumps to 30.8% from 39.6%
    ** "With the reopening of economy in China, we expect our
business to recover to its normal course" - HOLI 
    ** YTD, stock is down ~22%

 (Reporting by Ankit Ajmera in Bengaluru)
 ((ankit.ajmera@thomsonreuters.com))