HK's motor maker Johnson Electric falls on slower 9-month sales

Johnson Electric Holdings

14/01/2019 07:21

** Shares of Johnson Electric Holdings Limited  0179.HK 
fall as much as 3 pct to HK$15.52, their lowest since Jan. 3,
after the motor manufacturer posts slower 9-month sales growth
    ** Stock set for biggest daily pct decline since Dec. 20
    ** Co says sales for nine months ended December amounted to
$2.44 bln, up 4 pct from $2.34 bln in the same period in 2017,
with automotive products group's sales up 5 pct  urn:newsml:reuters.com:*:nFWN1ZD00X
    ** That compared with a 16 pct growth in group's sales for
first nine months of 2017 and a 17 pct growth in automotive
products group's sales during the period (https://bit.ly/2VQQXUn)
    ** "Overall market demand has slowed in recent months and
the macro-economic outlook heading into 2019 is highly
uncertain," chairman Patrick Wang said in a statement, adding he
expects a modest rate of sales growth for the full year
    ** Johnson Electric has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 7.2 percentage
points in the past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
falls 2.2 pct, and the benchmark index  .HSI  drops 1.5 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)