Chia Tai Enterprises International Limited, a Hong Kong Exchange-listed company that is 47.83% owned by Charoen Pokphand Foods Pcl. (SET: CPF), issued a statement to inform shareholders of the Company and potential investors that, based on preliminary information, the Company is expected to record a lower earnings in the first half of 2022 on the back of the underperformance of the industrial business.
Chia Tai Enterprises expects to record an unaudited consolidated loss attributable to shareholders of approximately US$5 million for the six months ended 30 June 2022 as compared to an unaudited consolidated profit attributable to Shareholders of US$6.7 million for the six months ended 30 June 2021.
Such change from profit to loss was mainly due to underperformance of the Company’s industrial business. Share of profit of a joint venture, ECI Metro Investment Co Ltd, is expected to deteriorate from a profit of US$5.5 million in the first half of 2021 to a loss of approximately US$5 million in the first half of 2022.
