HK-listed Nine Dragons Paper hits over 6-year low on weak results, lower dividend

Nine Dragons Paper (Holdings)

28/09/2022 06:31

** Shares of Nine Dragons Paper (Holdings)  2689.HK  drop as
much as 11.9% to HK$5.10, their lowest since May 2016 and on
course to snap two straight sessions of gains
    ** Stock of the Chinese paper products producer to mark
biggest daily pct decline since February 2021 if losses hold
    ** Stock biggest pct decliner in the material index  .HSCIM 
and fourth-biggest loser in the Hang Seng Composite Index
 .HSCI  
    ** Co says net profit for the year ended in June plunged
53.9% from a year ago to 3.28 bln yuan ($454.11 mln) amid
sluggish demand for packaging paper, and surging raw materials,
energy and chemicals costs  urn:newsml:reuters.com:*:nFWN30Y0HQ
    ** Co proposes to pay a final dividend of 0.02 yuan per
share, compared with 0.33 yuan in the same period a year ago  
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls 2%
and the material index drops 3.9%
    ** The Hang Seng Composite Index and the Hang Seng Index
 .HSI  both decline 2.4%
    ** As of last close, the stock had fallen 30.8% this year
($1 = 7.2229 Chinese yuan)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))