Hengli Petrochemical's H1 Profit Expected to Soar 136%; Shares Drop 9%
Hengli Petrochemical (SHA:600346) expects its net profit attributable to shareholders for the first quarter to soar 136% year on year to 7.20 billion yuan from 3.05 billion yuan, according to a Tuesday disclosure with the Shanghai bourse. The upbeat forecast is attributed to improvement in the industry's supply and demand, smooth production and sales, and other factors. Earnings per share a year earlier were 0.43 yuan. The company's shares slumped nearly 9% during the late-morning trade Tuesday.
Hengli Petrochemical (SHA:600346) expects its net profit attributable to shareholders for the first quarter to soar 136% year on year to 7.20 billion yuan from 3.05 billion yuan, according to a Tuesday disclosure with the Shanghai bourse.
The upbeat forecast is attributed to improvement in the industry's supply and demand, smooth production and sales, and other factors.
Earnings per share a year earlier were 0.43 yuan.
The company's shares slumped nearly 9% during the late-morning trade Tuesday.