HK-listed Nine Dragon Paper hits 3-week low on weak profit, lower dividend

Nine Dragons Paper (Holdings)

25/09/2019 04:01

** Shares of China's packaging paper products maker Nine
Dragons Paper (Holdings) Ltd  2689.HK  fall as much as 7.2% to
HK$6.23, their lowest since Sept. 4 
    ** Co posts a 50.8% year-on-year drop in net profit for
fiscal year ended in June to 3.86 bln yuan ($542.8 mln) amid a
drop in gross profit margin due to decrease in products selling
price as Sino-US trade tensions escalates  urn:newsml:reuters.com:*:nFWN26F07P
    ** Co proposes a final dividend of 0.18 yuan per share, down
from 0.4 yuan/shr a year ago 
    ** Brokerage Daiwa says Nine Dragons Paper's results were
largely in line while its margin narrowed substantially due to a
prolonged paper down-cycle punctuated by the US-China trade war
    ** As of Tuesday's close, the stock had fallen 7.5% this
year
    ** Nine Dragons Paper has outperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 14.8 percentage
points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  declines
0.8%, and the benchmark index  .HSI  falls 1.03% on Wednesday


($1 = 7.1117 Chinese yuan renminbi)

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