Changes in Hong Kong stocks | Brilliance China (01114) rose more than 12% in early trading, mid-term net profit fell year-on-year, and distributed an interim dividend of HK$0.5 per share

The Zhitong Finance App learned that Brilliance China (01114) rose more than 12% in early trading. As of press release, it had risen 8.32% to HK$2.605, with a turnover of HK$125 million.

According to the news, Brilliance China announced interim results, with revenue of 676 million yuan, up 20.3% year on year; net profit of 779 million yuan, down 54.3% year on year; profit per share of 15.43 points. The company announced an interim interest rate of HK$0.5 and HK$0.8 for the same period last year.

Citi previously released a research report saying that Brilliance China's net profit is expected to drop by up to 56% year-on-year in the first half of the year, which is in line with the forecast. The bank maintained the company's “buy” rating, with a target price of HK$2.7. The bank expects Brilliance China to pay HK$0.8 per share in the third quarter, involving an amount of RMB 3.5 billion, which is equivalent to about 50% of its cash reserves.