Hi-P down 8.7% after flagging lower Q3 profit

Singapore

SHARES of Hi-P International fell 8.74 per cent or 8 Singapore cents to close at 83.5 Singapore cents on Monday, with 6.18 million shares changing hands, upon the news that the company lowered its earning guidance for the second time this year.

The integrated contract manufacturing services provider expects lower revenue and profit for the third quarter of its 2018 financial year as compared to the same period a year ago, it said in a Singapore Exchange announcement on Sunday. This came after it said on Aug 1 that it expects higher revenue but similar profit for Q3FY18.