Andre Juice’s profit plunges 40% in third quarter
Concentrated juice manufacturer Yantai North Andre Juice Co. Ltd. (2218.HK; 605198.SH) on Wednesday reported its revenue fell 23.6% year-over-year in the third quarter to 285 million yuan ($43 million). Its profit took an even steeper dive, plunging 40.68% to 48.98 million yuan.
The company generated 1 billion yuan in revenue during the first nine months of the year, down 24.2% from the previous year. Its profit for the period similarly slumped 39.3% year-over-year to 172 million yuan.
The company attributed the underwhelming results to a drop in product sales and prices, though it did not provide additional explanation. In the first nine months of the year, its juice and essence sales fell 24.9% year-over-year to 965 million yuan, while pomace sales slipped 4.4% to 29.35 million yuan.
Shares of Andra Juice opened down 2.4% at HK$21.38 on Thursday. The stock is down over 46% from its 52-week high.
By Lau Chi Hang
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