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Caihong Display Devices' H1 Profit to Drop Up to 79%; Shares Down 3%

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Caihong Display Devices (SHA:600707) expects its net profit attributable to shareholders in the first half to drop between 76% and 79% to a range of 96 million yuan to 110 million yuan, according to a Shanghai bourse filing on Thursday.

The attributable profit a year earlier was 451.6 million yuan, or 0.126 yuan per share.

The forecast was attributed to the declining prices of LCD panel products, an increase in management expenses and financial expenses due to foreign exchange losses, and the transfer of a 30% stake in its subsidiary, Xianyang Rainbow Optoelectronics Technology.

The Chinese electronic display manufacturer's shares fell 3% during the midday trade.

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