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2020-08-03 16:58:16
LEGENDHOLDING (03396) expects 1H profit to drop YoY

(Infocast News) Legend Holdings Corporation (03396) announced that the group recorded a net profit attributable to equity holders of the company of RMB300 million to RMB1,000 million for the six months ended June 30, 2020, as compared to a net profit of RMB2,665 million for the same period last

year.

The profit dropped due to several factors: the COVID-19 pandemic had led to global macroeconomic downturn and intensified volatility in capital markets; CAR Inc. (00699), an associate of the company, expects to record a significant increase in net loss for the period; and economic uncertainties caused by the global spread of COVID-19 and the continual tensions of the Sino-U.S. trade war had slowed down global economic growth, increased downward pressure on the domestic economy in the short term, and weakened the demands for consumption, investment and foreign trade.

(WL)