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Kamis, 11 Juli 2019 07:08:00

Johnson Electric reports Business and Unaudited Financial Information for the First Quarter of Financial Year 2019/20

HONG KONG, RIAUONE.com - 10 July 2019 - This news release is made by Johnson Electric Holdings Limited ("Johnson Electric" or the "Company", and together with its subsidiaries, the "Group") for the business operations and selected unaudited financial information of the Company for the quarter ended 30 June 2019.
The Board of Directors (the "Board") of the Company considers the publication of quarterly sales performance updates to be consistent with international corporate disclosure best practice. The objective of this news release is to provide transparency and to ensure that investors and potential investors receive equal access to the same information at the same time.
The Group's sales for the quarter ended 30 June 2019 were US$767 million compared to US$872 million for the same quarter in 2018, a decrease of 12%. Excluding currency movements, sales decreased by 9% to US$794 million.
Foreign exchange rate movements had a negative effect of US$27 million on the Group's sales during the quarter. This was mainly due to the impact of the weaker Euro and Chinese Renminbi against the US Dollar, comparing average exchange rates for the quarter ended 30 June 2019 to the same quarter last year.
While it is not the Company's standard practice to comment on the outlook for profit in its quarterly sales and business updates, the Board wishes to inform the shareholders of the Company and potential investors that, based on the information currently available to the Company concerning prevailing sales trends and the assessment of the unaudited management financial statements of the Group for the first quarter of the financial year, the Board anticipates that the Group's unaudited profit attributable to shareholders for the six months ending 30 September 2019 will be substantially lower than the figures for the six months ended 30 September 2018.
Sales of Automotive Products Group ("APG")
The global automotive industry is presently experiencing a significant decline in light vehicle production volumes in all major regions of the world, led by China. Sales of our Automotive Products Group in the first quarter of the financial year decreased by US$71 million or 10% compared to the same quarter in 2018.  Excluding currency effects, APG's sales decreased by US$47 million or 7%, with the following sales changes by region: (roc/red/*) #for information on collaboration publications, questions and other e-mails riauonemedia@gmail.com

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