AustAsia Group Limited. (HK:2425) has released an update.
AustAsia Group Ltd. has issued a profit warning, anticipating a significant consolidated net loss of RMB600 million to RMB700 million for the first half of 2024, which is a substantial increase from the previous year’s loss of RMB310 million. The loss is largely due to a decrease in the selling prices of raw milk and beef cattle, despite efforts to reduce feed costs and achieve historic high milk yields. Shareholders and potential investors are advised to exercise caution and await the detailed interim results expected to be published in August 2024.
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