Chinese tissue maker Vinda hits 2-1/2-year low on weak quarterly earnings

Vinda International Holdings

18/10/2022 05:18

** Shares of Chinese tissue and napkin maker Vinda
International Holdings Ltd  3331.HK  fall as much as 5% to
HK$16.46, their lowest since March 2020
    ** Stock marks biggest daily pct drop since Sept 8 and set
to snap two sessions of gains 
    ** Co says its third-quarter gross profit dropped 17.1% from
a year-ago period to HK$1.19 bln ($151.60 mln) with gross margin
narrowing 7.8 percentage points to 27.2% amid pressure from
input cost inflation, operational disruptions from COVID-related
measures and currency swings  urn:newsml:reuters.com:*:nFWN31I3PD
    ** Says gross profit for first three quarters fell 11.2%
year-on-year to HK$4.29 bln with gross margin down 6.1
percentage points to 30.5%
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.2% and the Composite Industry Index on consumer staples
 .HSCICS  gains 0.6%
    ** The Hang Seng Composite Index  .HSCI  climbs 1.2% and the
Hang Seng Index  .HSI  is up 1%
    ** As of last close, stock down 8.8% this year
($1 = 7.8494 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))