HK Stock Market Move | Fuyao Glass Industry Group (03606) fell nearly 7% in early trading; exchange gains and losses dragged down net profit for the first three quarters by nearly 15%.

Fuyao Glass Industry Group (03606) fell nearly 7% in early trading. As of press time, it was down 6.59% at HK$51.7, with a turnover of HK$61.5588 million. On the news front, Fuyao Glass Industry Group announced that in the first three quarters it achieved operating revenue of RMB 34.123 billion, up 2.46% year on year; net profit attributable to shareholders was RMB 6.006 billion, down 14.97% year on year. In the third quarter, the company's operating revenue was RMB 12.152 billion, up 2.51% year on year; net profit attributable to shareholders was RMB 2.036 billion, down 9.87% year on year and down 9% quarter on quarter. According to the announcement, the profit decline was mainly due to the impact of exchange gains and losses. In the first three quarters, the company recorded an exchange loss of RMB 1.067 billion, compared with an exchange gain of RMB 481 million in the same period last year. Between the two periods, the exchange item alone created a difference of about RMB 1.548 billion. Excluding the impact of this exchange gain/loss factor, the company's total profit in the first three quarters increased by 1.18% compared with the same period last year.