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Hot stock: Jiutian Chemical down 13% after issuing profit warning for Q3
SHARES of Catalist-listed Jiutian Chemical Group fell 12.9 per cent in Wednesday morning’s trading after the company announced on Tuesday evening that it expects to report a net loss for the third quarter ended Sept 30.
As at 9.41am, the share price had fallen 0.4 Singapore cent to S$0.027, with 9.8 million shares changing hands, putting it among the top 10 counters by volume traded.
The group said that losses are mainly due to lower profit margins resulting from a substantial increase in raw material costs, along with the low production level of its sodium hydrosulfite facility, arising from strict industry-wide environmental controls and poor product prices.
It will disclose further details in its Q3 results, which are due to be announced by Nov 14. Jiutian advised shareholders and potential investors to exercise caution when dealing in its shares.