Fertilizers producer Sinofert hits 3-year low on weak profit forecast

Sinofert Holdings

01/02/2024 02:18

** Shares of Chinese fertilizers producer Sinofert Holdings
Ltd  0297.HK  drop as much as 12.8% to HK$0.75, their lowest
since January 2021 
    ** Stock on track for the biggest one-day pct decline since
July 2015 if losses hold; biggest pct loser in material index
 .HSCIM  and Hang Seng Composite Index  .HSCI  
    ** Co expects its 2023 net profit to fall to 550-650 mln
yuan ($76.6-$90.6 mln) from 1.12 bln yuan profit in 2022 amid
provision for asset impairment loss on cease of operation and
production of a unit after it shut down gasifiers and phased out
outdated facilities and equipment in the fertilizer industry
    ** Hong Kong's material index  .HSCIM  slips 0.8%, while
Hang Seng Composite Index  .HSCI  and Hang Seng Index  .HSI 
both climb 0.4%
    ** Stock down 14.3% YTD 


($1 = 7.1785 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))