Sunmi Technology swings to the red as forex and listing costs weigh
Commercial internet of things (IoT) solutions provider Shanghai Sunmi Technology Group Co. Ltd. (6810.HK) said on Friday that it expects to record a net loss of between 65 million yuan ($9.63 million) and 95 million yuan for the six months through June, reversing a profit of 15.93 million yuan a year earlier.
Revenue for the period is expected to reach between 1.7 billion yuan and 1.8 billion yuan ($267 million), up by 300 million yuan to 400 million yuan year-on-year. The company attributed the revenue growth to stronger demand from its global expansion.
However, its bottom line was weighed down by foreign-exchange losses of 80 million yuan to 90 million yuan, as well as listing expenses of between 45 million yuan and 55 million yuan.
Shares of the company opened lower Monday before rebounding to HK$59.40 at the midday break, up 0.93%. The stock was trading at about 1.36 times its April offer price.
By Lee Shih Ta
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