Guobo Electronics' Q1 Profit Slumps 99%, Revenue Falls 9%; Shares Down 6%

Guobo Electronics' (SHA:688375) net profit attributable to shareholders in the first quarter slumped 99% year on year to 856,300 yuan, according to a Shanghai bourse filing on Saturday. The radio frequency components maker's shares during the afternoon trade dropped 6% during Monday's afternoon trade. The decline was attributable to the cyclical adjustment in the military electronics industry, as well as changes in the sales product mix and aging structure of accounts receivable. Operating revenue in the same quarter fell 8.9% year on year to 318.9 million yuan.