Chia Tai Enterprises International Limited (HKG: 3839) has announced its preliminary information that the company is expected to record an unaudited consolidated profit attributable to Shareholders of approximately US$2.2 million for the six months ended 30 June 2023 as compared to that of a loss of US$5.0 million for the six months ended 30 June 2022.
The company noted that such change from loss to profit was mainly due to improved performance of the company’s industrial business. Share of profit of a joint venture, ECI Metro Investment Co., Ltd., is expected to turn from a loss of US$5.3 million in the first half of 2022 to a profit of approximately US$2.6 million in the first half of 2023. Nevertheless, the company remains cautious for its performance in the second half of 2023.
The company recorded a net profit of US$1.75 million in the first quarter of this year, implying that the second quarter profit was around US$0.5 million.
Thailand’s Charoen Pokphand Foods Public Company (SET: CPF) is a major shareholder of Chia Tai Enterprises International with a stake of 47.83%.