HK Stock Market Move | Xiamen Jihong Package Technology (02603) once fell more than 8%; third-quarter net profit halved year-on-year, with exchange losses and other factors weighing on profit.

Xiamen Jihong Package Technology (02603) once fell more than 8%, down 6.94% as of press time at HK$10.6, with turnover of HK$4.6325 million. On the news front, Xiamen Jihong Package Technology disclosed its third-quarter report on October 29. Third-quarter operating revenue was RMB2.055 billion, up 13.85% year-on-year, and net profit attributable to shareholders was RMB43.2782 million, down 55.60% year-on-year; for the first three quarters, operating revenue was RMB5.791 billion, up 14.93% year-on-year, and net profit attributable to shareholders was RMB201 million, down 6.77% year-on-year. The company said the decline in net profit during the period compared with the same period last year was mainly due to factors including increased exchange losses caused by foreign exchange rate fluctuations during the period, the company's newly built production bases at home and abroad still being in the investment phase, and intensifying market competition. Excluding the impact of exchange losses, net profit attributable to shareholders was RMB244 million, up 8.66% year-on-year.