AAC Tech profit plunges to 320m yuan

AAC Technologies (2018) reported that first-half net profit plunged by 58.4 percent year-on-year to 320 million yuan (HK$358 million).

An interim dividend of 10 HK cents was declared, 75 percent less than the same period last year.

Revenue was up by 3.6 percent to 7.84 billion yuan. The overall gross profit margin fell by 4.3 percent points to 23.2 percent as the average price of traditional products was suppressed.

Second quarter profit fell by 21 percent to 270 million yuan and the revenue grew by 12 percent to 4.28 billion yuan.