China Sunsine issues Q4 profit guidance on lower selling prices
SPECIALTY rubber chemicals producer China Sunsine Chemical Holdings said on Tuesday that it expects to report a material decrease in consolidated net profit in the fourth quarter ended Dec 31, 2019 compared to the fourth quarter of 2018.
It said: "The expected profit decrease is mainly due to the decrease in average selling price (ASP) of the group's products. As disclosed in several of our prior results announcements, China's economic growth is continuing to slow down, and the raw material prices are hovering at lower levels. As such, the group's ASP for rubber chemicals is under pressure. This had resulted in lower revenue and lower gross profit generated in 4Q2019 compared to 4Q2018."
The company is in the process of finalising its unaudited consolidated results for the reporting period, it said. Results will be released on Feb 28.
China Sunsine shares rose half a Singapore cent or 1.09 per cent to S$0.465 on Tuesday.
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