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Perfect Group International Holdings Ltd. ( (HK:3326) ) has provided an update.
Perfect Group International Holdings Ltd. has announced its strategic move to enter gold and silver futures contracts to hedge against price fluctuations and stabilize costs amid volatile market conditions. Despite reporting a realized loss of approximately HK$4.8 million and an unrealized loss of HK$0.9 million on gold futures contracts, these losses are offset by gains from adjusted selling prices of finished jewelry products. The company also initiated silver trading, though it expects minimal financial impact from silver futures contracts. Additionally, the group is scaling back its jewelry operations in the Chinese market due to economic challenges and a lack of recovery, focusing instead on expanding in overseas markets. The company anticipates potential impairment losses on properties held for sale in the subdued industrial property market in China, particularly in their Perfect Group Jewellery Industry Park.
More about Perfect Group International Holdings Ltd.
Perfect Group International Holdings Ltd. operates in the precious metals and jewelry industry, focusing on gold and silver products. The company is involved in trading and managing inventories of gold and silver, which are used to produce finished jewelry products. The group is also engaged in the jewelry business, with a focus on overseas markets due to challenges in the Chinese market.
YTD Price Performance: -4.74%
Average Trading Volume: 137,286
Technical Sentiment Consensus Rating: Buy
Current Market Cap: HK$241.9M
Learn more about 3326 stock on TipRanks’ Stock Analysis page.
