Lufax Holding Shares Slide After Swinging to Loss, Posting Lower Revenue in 2Q

By Connor Hart

Shares of Lufax Holding fell after the company swung to a loss and posted lower revenue in the second quarter.

The stock dropped more than 12%, to $2.40, in early-afternoon trading Thursday. Shares are down more than 21% since the beginning of the year.

The Shanghai financial-services company after the bell on Wednesday reported a net loss of 730.0 million yuan ($102.2 million), or CNY0.69 a share, compared with a profit of CNY1 billion, or CNY0.84 a share, in last year's quarter.

Per American depository share, the company posted a loss of CNY1.38 compared with a profit of CNY1.68 in the same quarter last year.

Revenue fell nearly 36%, to CNY5.98 billion.

Technology-platform-based income fell 50%, in part dragged down by lower retail-credit service fees, caused by a decrease in loan balances. The company's total outstanding balance of loans fell to CNY235.2 billion in the recent quarter, from CNY426.4 billion last year.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 22, 2024 14:32 ET (18:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.