Asia
Feilong Auto Components Expects Up to 68% Fall in H1 Profit
Feilong Auto Components (SHE:002536) forecasts a 62% to 68% fall in its net attributable profit to between 68 million yuan and 80 million yuan in the first half from 210.4 million yuan in the year-ago period, according to a Friday filing with the Shenzhen bourse.The auto parts company expects earnings per share to slide to 0.12 yuan and 0.14 yuan from 0.37 yuan a year earlier.Feilong attributed the expected fall to foreign exchange fluctuations for its exports to Europe, the U.S., and Southeast Asia, resulting in forex losses of about 50 million yuan.Competition also affected profit margins, affecting the bottom line by about 70 million yuan, while raw material costs impacted profit by more than 20 million yuan.
SHE:002536
