Smartphone cover glass supplier Lens Technology Co. Ltd. (6613.HK; 300433.SZ) said on Sunday that its third-quarter revenue fell 8.05% year-on-year to 19.04 billion yuan ($2.85 billion), while its net profit dropped 50.42% to 843 million yuan. Excluding nonrecurring items, its net profit declined 59.13% to 720 million yuan.
The company’s revenue fell 10.74% to 47.90 billion yuan in the first nine months of the year, while its net profit declined 50.06% to 1.42 billion yuan. Excluding nonrecurring items, its nine-month profit dropped 63.07% to 998 million yuan. Net cash generated from operating activities for the period fell 19.35% to 4.71 billion yuan. Increased foreign exchange losses pushed the company’s finance costs to 716 million yuan, compared with net finance income of 73.91 million yuan a year earlier.
The company’s inventory at the end of September was up 35.02% from the end of last year to 9.36 billion yuan, mainly due to stockpiling ahead of the peak sales season in the second half, the company said. Short-term borrowings rose to 1.82 billion yuan and long-term borrowings increased to 8.32 billion yuan, reflecting greater funding needs for working capital and investment projects, respectively.
Lens Technology’s shares opened lower on Monday in Hong Kong and were down 7.63% at HK$15.14 by the midday break. The stock is down 39.8% this year.
By Lee Shih Ta
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