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Zhuzhou CRRC Times Electric Expects Increase in H1 Profit; Shares Down in Hong Kong, Shanghai

MT Newswires ·  {{timeTz}}

03:41 AM EDT, 07/22/2022 (MT Newswires) -- Zhuzhou CRRC Times Electric (HKG:3898, SHA:688187) expects its attributable net profit for the six months through June 30 to increase 21.08% to 841.8 million yuan ($124.4 million) from 695.2 million yuan a year ago.

The rail transit equipment manufacturer "seized the strategic opportunities from the global shortage of chips in power semiconductor devices and automotive electric drive products," it said in a Thursday stock filing.

The company's fund management income also increased, while profit from ordinary operating activities also increased, it said.

Shares dipped 6% in Hong Kong and nearly 5% in Shanghai.

Price (HKD): $35.25, Change: $-2.20, Percent Change: -5.87%

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