Johnson Electric Holdings (00179) fell more than 4% after the results. As of press release, it was down 3.53% to HK$10.94, with a turnover of HK$23.6365 million.
The Zhitong Finance App learned that Johnson Electric Holdings (00179) fell more than 4% after the results. As of press release, it had a decrease of 3.53% to HK$10.94, with a turnover of HK$23.6365 million.
According to the news, Johnson Electric Holdings announced interim results for the six months ended September 30, 2024. The turnover was 1.854 billion US dollars, down 4% year on year; net profit attributable to shareholders increased 8% year over year to 0.13 billion US dollars; and the interim dividend was HK17 cents per share. The automotive product category accounted for 84% of the Group's total sales during the period. At a fixed exchange rate, the turnover fell 3%, in line with the overall decline in global light vehicle production.
According to the announcement, on a regional basis, the turnover of the automotive product group at fixed exchange rates decreased by 1%, 3% and 5% in Asia, Europe and America, respectively. All major product and subsystem categories were affected by weak demand from original equipment manufacturers, as the industry strives to reduce the level of excess inventory accumulated due to the rebound in production after the 2023 pandemic. At the same time, Chinese consumers' desire to buy new cars is affected by concerns about falling real estate prices, while North American and European consumers' desire to buy is affected by high car prices and high interest rates.