Apple supplier AAC Tech slid in Hong Kong after reported 57.1% slump in H1 net profit

 

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Apple supplier AAC Technologies slid 5.5% in Hong Kong to close at HK$15.56 on Thursday, compared to more than 2% gains for the benchmark Hang Seng Index.

The company reported a net profit of 150 million yuan for the first half of the year, slumping 57.1% from a year earlier. Revenue declined by 2% to 9.22 billion yuan.

Gross profit margin reached 14.1% in the first half, falling by 4.8 percentage points from a year earlier. 

Revenue from its acoustic business reached 3.32 billion yuan, sliding 19.9% from a year earlier , mainly due to the weaker-than-expected recovery of global smartphone market demand, which led to year-on-year declines in shipments.