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Toread Holdings Projects Up to 179% Jump in H1 Profit

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Toread Holdings (SHE:300005) forecasted first-half attributable net profit of between 46 million yuan and 56 million yuan, compared with 20.1 million yuan the previous year.

The increase of 129% to 179% is driven by the chip business, with newly acquired Shanghai Tongtu and Shenzhen Betterlife consolidating into results, and favorable currency exchange gains versus losses last year, according to a Thursday filing with the Shanghai bourse.

Shares of the outdoor products company closed 20% lower Friday.

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