IRICO Group Issues Profit Warning Amid Declining Photovoltaic Glass Prices

IRICO Group New Energy Co. Ltd. Class H ( (HK:0438) ) has shared an update.

IRICO Group New Energy Co. Ltd. has issued a profit warning for the fiscal year ending December 31, 2024, despite a projected increase in operating revenue to approximately RMB3,270 million to RMB3,300 million, which represents a growth of about 3.97% to 4.93% compared to the previous year. The company expects a significant increase in net loss, estimated between RMB350 million to RMB400 million, due to a substantial drop in photovoltaic glass prices and provisions for asset impairments. This situation has arisen from the reduced operating rates of downstream customers and a slowdown in the growth of photovoltaic power generation capacity, impacting the gross profit margins of their photovoltaic glass business.

More about IRICO Group New Energy Co. Ltd. Class H

IRICO Group New Energy Co. Ltd. operates in the renewable energy industry, focusing primarily on the production and sale of photovoltaic glass products.

YTD Price Performance: -12.30%

Average Trading Volume: 74,331

Technical Sentiment Consensus Rating: Strong Buy

Current Market Cap: HK$477.8M

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