APT Electronics Expects H1 Profit to Drop Up to 80%

MT Newswires Live

Aug 21

APT Electronics (HKG:2551) expects to post a net profit of between 10 million yuan and 20 million yuan for the first half, down about 60% to 80% from 50.1 million yuan a year earlier, according to a Thursday Hong Kong bourse filing.

Revenue is projected at 1.08 billion yuan to 1.18 billion yuan, representing flat to 10% growth from the prior-year period.

The company attributed the profit decline mainly to lower sales prices in its intelligent automotive lamp segment amid intensified competition in the auto industry, and higher expenses related to the construction of its Lynway Vision headquarters and R&D base in Guangzhou.

The interim results are expected by the end of August.

Shares of the LED vision products firm gained over 2% in Thursday's late-morning trade.

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