HK-listed Pacific Textiles hits 14-year low on weak earnings estimates

Pacific Textiles Holdings

15/06/2023 04:59

** Shares of Pacific Textiles Holdings Ltd  1382.HK  fall as
much as 11.5% to HK$2.07, their lowest since July 2009
    ** Stock set for biggest one-day pct drop since June 2009,
if current losses hold; second biggest pct loser in the Hang
Seng Composite Index  .HSCI 
    ** Textile products maker expects net profit to drop about
53.1% YoY to HK$269 mln ($34.37 mln) for the fiscal year ended
in March 2023 amid a decrease in sales volume and revenue, and
an impairment loss from its investment in Teejay Lanka PLC
 TEEJ.CM 
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.6%, the Hang Seng Composite Index climbs 0.7% and the Hang
Seng Index  .HSI  gains 0.9%
    ** As of last close, the stock had fallen 8.6% this year
    
($1 = 7.8269 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))