SHOUGANG CENT (00103) issues profit warning, expecting the annual net profit after tax to decline by 40% to 60% compared to the previous year.

Shougang Cent (00103) announces that compared to the post-tax profit of approximately HK$62.506 million for the year ended December 31, 2023, the Group expects a 40% to 60% decrease in post-tax profit for the 2024 financial year. The Board believes that global economic activities have begun to recover, leading to an increase in demand and sales of cars, as well as an increase in demand for replacement and spare tires. However, due to intense competition in the industry, steel cord sales prices have continued to decline, resulting in a continuous decrease in gross profit.