Hong Kong ChaoShang Group Ltd. (HK:2322) has released an update.
Hong Kong ChaoShang Group Limited projects a significant increase in net loss for the fiscal year ending March 2024, with anticipated losses between HK$80 million and HK$90 million, nearly doubling from the previous year’s HK$42 million. Factors contributing to this downturn include a 30% decrease in revenue from trading and financial services, increased credit loss provisions, and losses from asset disposals, all exacerbated by challenging economic conditions and geopolitical risks. Shareholders and investors are cautioned to be prudent, with the final audit results pending and expected to be announced on June 28, 2024.
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