"Profit Warning" CONCH ENVIRO expects half-year net profit to drop to a maximum of 8 million RMB

CONCH ENVIRO (00587.HK) issued a profit warning, expecting revenue for the six months ending in June to be between RMB 760 million and RMB 800 million, compared to RMB 804 million in the same period last year; net profit is expected to be between RMB 2 million and RMB 8 million, compared to a net profit of RMB 82.14 million in the same period last year.

In the first half of the year, the group intensified its market expansion efforts, maintaining growth in the total amount of solid hazardous waste disposal, while disposal prices continued to show a downward trend compared to the same period last year; some projects in Henan, Shandong, and Northeast China had insufficient capacity utilization; and the depreciation and amortization increased due to new projects coming into operation