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Hot Stock China Automobile falls 9% amid continued profit drop
by Cals Thu 02 Jun 2016, 02:24
- Hot Stock
[size=28]China Automobile falls 9% amid continued profit drop
By Kamarul Anwar / theedgemarkets.com | June 1, 2016 : 4:45 PM MYTKUALA LUMPUR (June 1): After reporting dismal quarterly earnings yesterday, China Automobile Parts Holdings Ltd's (CAP) shares slumped to its all-time low today.
At 3.21pm, CAP was the third most actively traded counter on Bursa Malaysia, falling half a sen or 9.09% to five sen, after near 23 million shares were traded.
Yesterday, the producer of vehicles' wheel parts announced a 60.12% fall in its net profit for the three months ended March 31, 2016 (1QFY16) to RM4.78 million (7.88 million yuan). Revenue had slipped by 50.93% to RM33.52 million.
The quarter under review was also the eighth straight one where CAP recorded a year-on-year (y-o-y) drop in earnings.
CAP said its sales volume contracted by 46.5% y-o-y in the quarter, as China's economic slowdown hampered demand for automobiles, while its distributors had overstocked their inventories previously.
"The poor market condition also led to a drop in average unit selling price by 8.2% y-o-y," the company said in the explanatory note accompanying its 1QFY16 financials.
CAP also said with China's economy still facing downward pressure, it anticipated the commercial vehicles' parts replacement market to remain sluggish and challenging throughout FY16.
The company's market value now stands at RM68.1 million, its lowest point. This time last year, its market capitalisation was 80% higher.
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