Biren Technology to Narrow H1 Loss; Shares Jump 5%
MT Newswires Live
Aug 17
Shanghai Biren Technology (HKG:6082) expects its first-half loss to narrow by 75% to 80% to between 320 million yuan and 400 million yuan from 1.60 billion yuan a year earlier.
Revenue in the six months ended June 30 is expected to rise to around 1.15 billion yuan to 1.30 billion yuan from 58.9 million yuan a year earlier, according to a Sunday filing with the Hong Kong Exchange.
The fabless semiconductor designer attributed the upbeat forecast to higher revenue, economies of scale, improved product mix, tighter cost controls and lower finance costs.
Shares of the company jumped over 5% in recent trade.
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