HK Stock Market Move | FIH (02038) rose more than 18% in the morning, turning a loss into a profit in the third quarter. The company said that financial performance is expected to improve in the second half of the year.

FIH (02038) surged more than 18% in the morning, as of the time of publication, it rose 16.09%, to 1.01 Hong Kong dollars, with a turnover of 25.2769 million Hong Kong dollars. On the news front, FIH previously announced that as of the end of September, the revenue and other operating income for the first three quarters totaled 4.15 billion US dollars, a year-on-year decrease of 20%; the loss narrowed from 70.2 million US dollars in the same period last year to 26.211 million US dollars. For the third quarter alone, revenue and other operating income totaled 2.26 billion US dollars, a year-on-year decrease of 5.3%, with a profit of 5.432 million US dollars, compared to a loss of 20.365 million US dollars in the same period last year, achieving a turnaround from loss to profit. The announcement stated that looking ahead, the company expects sales for the 2024 fiscal year to decline year-on-year, mainly due to intense competition and changes in customer outsourcing strategies leading to a decrease in sales. Despite a reduction in operating expenses, the low asset utilization rate remains a major challenge. The company expects financial performance to improve in the second half of the year through measures such as optimizing customer portfolios and reducing expenses.