Fibocom’s nine-month profit falls 44% as third-quarter adjusted profit plunges
Wireless module maker Fibocom Wireless Inc. (0638.HK; 300638.SZ) announced on Thursday that its revenue rose 10.72% year-on-year to 5.94 billion yuan ($892 million) in the first nine months of this year. Net profit attributable to shareholders fell 44.21% to 176 million yuan, while net profit excluding non-recurring items dropped 78.69% to 63.28 million yuan.
For the third quarter alone, revenue grew 30.39% to 2.16 billion yuan, and net profit attributable to shareholders rose 16.57% to 115 million yuan. But net profit excluding non-recurring items fell 74.48% to 24.16 million yuan. The company recorded an investment gain of 62.55 million yuan from a business disposal during the quarter.
Higher foreign exchange losses pushed financial expenses up 269.14% to 31.46 million yuan in the first nine months, while increased inventory drove asset impairment losses to 41.68 million yuan. Net operating cash outflow totaled 2.50 billion yuan, compared with an inflow of 298 million yuan a year earlier, mainly due to higher payments for raw material purchases, the company said. Inventory at the end of September rose 182.24% from the end of last year to 3.80 billion yuan.
The company’s shares opened higher but reversed course on Friday in Hong Kong, closing down 7.15% at HK$5.52, bringing their year-to-date decline to 65%.
By Lee Shih Ta
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
Market volatility takes bite out of China Galaxy’s profit
Forex, unrealized investment losses weigh on Sanhua’s profit
Electronic materials growth lifts Red Avenue’s nine-month profit 5.7%
Dongshan Precision flat in Hong Kong trading debut
New product sales drive Nexchip’s revenue up nearly 20% in third quarter
RELATED ARTICLES
-
Electronic materials growth lifts Red Avenue’s nine-month profit 5.7%
9607.HK603650.SHG - Macao’s June gaming revenue falls nearly 20% month-over-month
-
Tianqi Lithium nine-month profit soars on higher lithium prices
002466.SHE
-
Ping An’s operating profit climbs 8.3% in first nine months despite market volatility
2318.HK
-
Andre Juice’s profit plunges 40% in third quarter
2218.HK605198.SHG
-
Lens Technology’s third-quarter profit halves on rising forex losses
300433.SHE
-
BRIEF: Weibo ad revenue grows, as adjusted profit falls 23%
9898.HKWB.US
