New | Next Media shares slump in Hong Kong, Prada stock bleeds lower

Financial results continued to weigh on the local market on Tuesday, with Next Media shares losing 3.7 per cent to 78 HK cents on the back of its year-end figures announced on Monday. This came on top of the 1.22 per cent drop the company had posted at the Monday close.

While Next’s digital divisions showed improved year-on-year performance, advertising revenue fell in its newspaper and magazine businesses, including Apple Daily News. The result was a 50.3 per cent drop in profit to HK$168 million.

Prada has faded steadily since announcing a 44 per cent decrease in first quarter income on Friday. After the stock lost 4.91 per cent on Monday, the bleeding slowed on Tuesday morning with a 1.19 percent decline to HK$37.35. The stock remains well below its year-to-date high of HK$51.85.

Henry Group lost 8.3 per cent to HK$2.21 on Tuesday morning as investors took profits. The property leasing and development firm published improved year-on-year numbers on Friday, more than doubling its annual profit to HK$486 million.

Having begun the year at just 89.9 HK cents, Henry Group posted a positive profit warning on April 30 which saw its share value soar from HK$1.55 to a high-water mark of HK$2.72 last Friday.