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Hot stock: Sino Grandness counter falls nearly 20% in early morning trade (Amended)
MAINBOARD-LISTED Sino Grandness Food Industry Group saw its share price fall 19.8 per cent or eight-and-a-half Singapore cents to S$0.345 at 9.48am.
Almost 7.7 million shares changed hands.
The share price plunge comes after the group released its results on Feb 27.
The group made a 64 million yuan (S$13.9 million) loss in the fourth quarter, compared with the gain of 32.5 million yuan from a year ago.
The lower net profit was largely due to non-cash interest and fair value charges related to outstanding convertible bonds and seasonality impact as higher proportion of orders were delivered in Q3 FY2014 compared to Q4 FY2014, among other things.
Full-year net profit fell 18.9 per cent to 233.4 million yuan.
Revenue for the quarter dropped 8.3 per cent to 503.6 million yuan, mainly due to delivery timing differences.
The story above is the correct version.
An earlier version of this article incorrectly stated that almost 7.7 billion shares changed hands. It should be 7.7 million shares. The article above has been revised to reflect this.