Wednesday, July 17, 2019
 
Columnist
Martin Hennecke

Johnson Electric profit to tumble
 
11/07/2019
 
<p>Johnson Electric (0179) yesterday said it expects unaudited net profit for the six months ended September 30 will be substantially lower than the corresponding period last year, affected by weaker global trade and manufacturing activities and declining production volumes in the global automotive sector.</p><p>Sales for the quarter ended June dropped by 12 percent year-on-year to US$767 million (HK$5.98 billion).</p><p>Foreign exchange rate movements had a negative effect of US$27 million on its sales from March to June, due to the impact of the weaker euro and Chinese yuan against the US dollar.</p><p>Sales of its automotive products decreased by 10 percent, while sales of industry products fell by 17 percent in the quarter. The weak sales&nbsp;directly reflect the depressed automotive sector and lower demand in several other consumer and industrial end markets amid ongoing trade war, and sales orders for July and August remain below the levels of the prior year, the company said.</p>
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