HONG KONG May 7 Shares of Giordano International Ltd fell as much as 16 percent to their lowest in more than three years after the Hong Kong-based casual wear chain operator warned of a sharp drop in first-half profit for 2014.
The stock dropped to HK$4.34, its lowest since March 2011. The shares steadied at HK$4.44 at 0309 GMT, still down 14 percent. That compares to a 0.96 percent fall in the benchmark Hang Seng Index.
Giordano said late on Monday it expects to record a significantly lower profit attributable to shareholders for the six months ended in June 2014 as consumer demand in greater China continues to weaken and the recent decline of the Chinese yuan is impacting profitability.
(Reporting by Donny Kwok; Editing by Matt Driskill)