Why the Advance NanoTek (ASX:ANO) share price is sinking lower again

The Advance NanoTek Ltd (ASX: ANO) share price has started the week with a day in the red.

In morning trade, the advanced materials company’s shares were down as much 9% to $3.61.

The Advance NanoTek share price has since rebounded but is still down 2% to $3.90 in late afternoon trade.

Why is the Advance NanoTek share price sinking lower?

Investors have been selling Advance NanoTek shares on Monday following the release of an update on its first half performance.

According to the release, as the company had previously warned, it is expecting to post the smallest of profits for the six months ended 31 December.

Subject to its audit, Advance NanoTek recorded a half year result profit before tax of $90,000. This compares to a net…