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BUZZ-HK-listed hypermarkets operator Sun Art falls most in 7 mths on weak earnings

05/10/2021 23:39
BUZZ-HK-listed hypermarkets operator Sun Art falls most in 7 mths on weak earnings

** Shares of hypermarkets operator Sun Art Retail Group Ltd 6808.HK fall as much as 7.4% to HK$6.36, their lowest since March 31, on course for a fifth consecutive session of decline

** Stock is on track for its worst day since Oct. 7, 2020

** Shanghai-based company, which changed its fiscal year end to March from December to enable better operational alignment with controlling shareholder Alibaba Group, says its profit for 15 months ended in March fell 15.4% year on year to 3.57 bln yuan ($555.8 mln) with revenue sliding 2% (https://bit.ly/3uDJ8SW)

** Says it expects to face increasingly fierce competition in the year to come, while it also expects to see new investments and launch business initiatives

** Says it will adopt a new dividend policy which will depend on financial performance, working capital and capex requirement, and profits available for distribution nFWN2MX0R9

** The Hong Kong composite Industry Index tracking consumer staples .HSCICS slips 0.8%

** The Hang Seng China enterprises index .HSCE falls 2.4%, and the benchmark index .HSI drops 2.3%

** As of last close, the stock down 12.8% this year



($1 = 6.4229 Chinese yuan renminbi)


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