SHUNTEN INTL issued a profit warning, expecting an annual loss attributable to shareholders of approximately HKD 33 million to approximately HKD 39 million, a year-on-year turnaround from profit to loss
SHUNTEN INTL issued a profit warning, expecting a shareholder loss of approximately HKD 33 million to HKD 39 million for the year ending March 31, 2025, compared to a shareholder profit of approximately HKD 600,000 for the same period in 2024. The board pointed out that the loss is mainly due to a weak local retail market, declining consumer sentiment in Hong Kong and Macau, weakened spending power of travelers, and a decrease in the fair value of investment properties
According to the announcement from Shunten International Holdings (00932), the group expects to incur an unaudited consolidated loss attributable to the owners of the company ranging from approximately HKD 33 million to approximately HKD 39 million for the year ending March 31, 2025, while for the year ending March 31, 2024, the consolidated profit attributable to the owners of the company is expected to be approximately HKD 600,000.
The board of directors believes that the expected loss is primarily due to the following factors: the weak local retail market conditions and the weak consumer sentiment in Hong Kong and Macau, as well as the decline in tourist spending power and changes in consumption patterns, which have led to a decrease in revenue and gross profit; and a decrease in the fair value of investment properties for the relevant year