NVC profit slumps after founder leaves

NVC Lighting Holdings Ltd, the Chinese lighting manufacturer backed by Schneider Electric SA, released its interim results for the first half of the year on Tuesday night.

Compared with the same period last year, gross profit dropped 18.1 percent to $57.57 million and pre-tax profit dropped 75.1 percent to $11.76 million.

During the period under review, sales of NVC lighting products fell 16.9 percent. The main reason was the reduction of government investment projects in the first half of the year, said the company.

At the same time, sales of the NVC brand in China has fell 17.4 percent compared with the same period last year. This was due to the slowdown in the domestic economy this year and the resignation of Wu Changjiang, former chairman and CEO and founder of NVC, the company said.