HK Stock Market Move | PACIFICTEXTILES(01382) falls more than 10%, expected net profit for the full financial year to decline by up to 52% year-on-year.

PACIFICTEXTILES (01382) fell more than 10%, as of press time, it fell by 10.62% to HK$1.01, with a turnover of HK$3.7525 million. On the news front, PACIFICTEXTILES issued a profit warning, expecting a profit attributable to shareholders of approximately HK$80 million to HK$86 million for the full year ending March, compared to approximately HK$167.6 million in the same period last year. The decrease is about 48.7% to 52.3% year-on-year. The company pointed out that the decline in net profit during the period is mainly attributed to the sharp increase in U.S. trade tariffs, as well as a decrease in profit attributable to shareholders of its associate company Teejay; and losses from foreign exchange translation.