HK Stock Market Move | JOHNSON ELEC H (00179) opens more than 10% lower, expects interim profit attributable to shareholders to fall 56% to 62% year-on-year.

JOHNSON ELEC H (00179) opened more than 10% lower. As of press time, it is down 10.76% at HK$15.1, with a turnover of HK$5.6701 million. On the news front, JOHNSON ELEC H announced that it expects profit attributable to shareholders for the six months ended the end of September to be between US$50 million and US$58 million, a decrease of about US$75 million to US$83 million from US$133 million in the same period last year, representing a decline of 56% to 62%. The company mentioned that one of the main reasons for the decrease in net profit is foreign exchange-related effects. A considerable foreign exchange gain was recorded in the same period last year, while no equivalent gain was recorded in the current period. Foreign exchange factors are expected to reduce net profit by about US$49 million to US$55 million. In addition, rising raw material and other input costs, as well as inflationary pressure on labor and other operating costs, also had a negative impact on profitability.