Xinyi Glass, one of the world’s leading integrated glass manufacturers, issued a profit warning, saying that its unaudited consolidated net profit attributable to the equity holders for the first half of 2023 is expected to declined by 35% – 45% to the range between HK$2.148 billion and HK$1.818 billion, compared with the net profit of HK$3.305 billion a year earlier.
The decline was primarily because that the average selling prices of the float glass products remained at low levels due to dampened float glass demand in mainland China’s construction sector, as compared to the the first half of 2022, and the average cost of energy and raw materials continued to increase during the first six months of 2023, it said.