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Hangzhou Greatstar Industrial Sees Up to 15% Increase in H1 Profit; Shares Plunge 10%

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Hangzhou Greatstar Industrial (SHE:002444) forecasts its attributable profit to fall 5% to 1.21 billion yuan or rise by up to 15% to 1.46 billion yuan in the first half from 1.27 billion yuan in the year-ago period, according to a Thursday filing with the Shenzhen bourse.

Earnings per share could range between 1.0123 yuan and 1.2254 yuan from 1.0656 yuan a year earlier.

The hand tool manufacturer attributed the forecast to a 5% rise in revenue following higher investment in cross-border e-commerce.

Shares slid 10% during afternoon trading on Thursday.

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