Xinyi Glass posted 31 percent decline in 2024 net profit

Xinyi Glass (0868) saw its net profit drop 31 percent to 3.37 billion yuan (HK$3.60 billion) last year, mainly due to the significant drop of average sales price of the float glass.
The company decreased its final dividend by nearly 73 percent year-on-year to 10 HK cents.
Revenue declined 8.11 percent to 22.32 billion yuan, dragged down by the declining average price of float glass products.
The decline in the net profit was also caused by the one-time losses on impairment and disposal of property, plant and equipment, as well as the decrease in the net profit from the associate company Xinyi Solar (0968), the company said in a filing on Sunday.
Subsidiary Xinyi Solar's full-year profit slumped by 73.8 percent to 1 billion yuan, amid challenges facing the mainland photovoltaic industry. No dividend is declared.
And Xinyi Energy (3868) posted a 11.9 percent drop in net profit to 790 million yuan in the period.
STAFF REPORTER