Singapore Hot Stocks-Jiutian falls on weak quarterly earnings

Singapore Hot Stocks-Jiutian falls on weak quarterly earnings
Thu Nov 8, 2007 8:30pm ET

SINGAPORE, Nov 9 (Reuters) - Shares of Jiutian Chemical Group (JUTN.SI: Quote, Profile , Research) fell as much as 8.5 percent to S$5.40 on Friday, its lowest price in almost two months, with 5.7 million shares traded after the firm said its quarterly profit fell.

The firm posted a 25.7 percent drop in quarterly profit to 14.3 million yuan ($2 million) and an 11.6 percent fall in revenue for the three months that ended September 30, compared to the same period last year.

Jiutian, which makes dimethylformamide -- a chemical used as a solvent in the petrochemicals industry, said a fall in the sale price of its key product and factory maintenance were the reasons for the dip in profit. [ID:nSNB791411]

0121 GMT - Straits Times Index <.STI> dowm 1.41 percent.