September 27, 2011 / 1:58 PM / in 7 years

Hanfeng quarterly results disappoint, shares slide

* Fiscal Q4 EPS C$0.04 vs C$0.15 a year earlier

* Revenue of C$53.7 mln down 56 pct

* Shares fall 18 pct in early trading on the TSX

Sept 27 (Reuters) - Shares of Hanfeng Evergreen HF.TO fell 18 percent on Tuesday morning, after the Chinese fertilizer maker reported quarterly results that missed expectations, partly due to a maintenance-related shutdown at one of its plants.

Toronto-listed Hanfeng reported earnings of C$2.3 million ($2.2 million), or 4 Canadian cents a share, in its fourth quarter, ended June 30. That compared with a year-earlier profit of C$9.6 million, or 15 Canadian cents a share.

Quarterly sales fell 56 percent to C$53.7 million, the company said in a statement issued late on Monday.

Analysts, on average, had forecast earnings of 11 Canadian cents a share, on revenue of C$79.8 million, according to Thomson Reuters I/B/E/S.

“These results will not encourage investors unless it can be demonstrated the volume miss was totally explained by the maintenance shutdowns as opposed to weaker demand,” BMO Capital Markets analyst Joel Jackson wrote in a note to clients.

Hanfeng shares fell 50 Canadian cents to C$2.29 in early trading on the Toronto Stock Exchange. Its stock had already come under intense pressure due to a slew of recent accounting scandals that have tainted many Chinese companies with North American listings.

The company is hosting an investor conference call to discuss its results at 10 a.m. (1400 GMT) on Tuesday.

$1=$1.02 Canadian Reporting by Euan Rocha; editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below