Grand Ming Group Expects Major Profit Decline

Grand Ming Group Holdings Ltd. (HK:1271) has released an update.

Grand Ming Group Holdings Ltd. anticipates a significant downturn in its financial performance, with revenue expected to plummet by approximately 90% and net profit to drop by 70-80% for the fiscal year ending March 31, 2024. This stark decline is largely due to fewer property sales from its development projects and rising finance costs amidst higher interest rates, despite some gains from revaluation of investment properties. Investors are urged to exercise caution when dealing in the company’s shares.

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