Senior Material’s quarterly profit surges, but investors unimpressed
Lithium ion battery separator manufacturer Shenzhen Senior Technology Material Co. Ltd. (6067.HK; 300568.SZ) on Thursday reported its revenue surged 73.6% year-over-year to 1.84 billion yuan ($276 million) in the third quarter, while its profit for the period rose nearly tenfold to 150 million yuan.
The company’s revenue in the first three quarters of the year climbed 51.9% year-over-year to 4.49 billion yuan, while its profit tripled to 354 million yuan.
The company said that a substantial increase in orders drove its revenue growth in the latest quarter. But its inventory also spiked 54.6% from a year earlier, which the company attributed to expansion of its production and sales, as well as investments in new capacity.
Shares of Senior Technology Material opened lower on Friday and were down 3.1% at HK$5.20 at the midday break. The stock is down 40% since its listing this year.
By Lau Chi Hang
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