Varitronix Q1 turnover slumps 20%

Varitronix International (0710) management disclosed when meeting the securities circle last week that the Q1 turnover suffered a down range of more than 10% and the down range quarter-on-quarter even hit 20%. Credit Lyonnais pointed out in a report that the Q2 turnover would drop 47% quarter-on-quarter, while the first-half net profit would plummet 52% to HK$59 mln. The fund house said that it would downgrade the target price soon, which currently stood at HK$4.7.

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