Reliance Global Holdings Limited (HK:0723) has released an update.
Reliance Global Holdings Limited has issued a profit warning, indicating an expected net loss of up to HK$10 million for the financial year ended 31 March 2024, a significant downturn from the previous year’s modest profit. This loss is attributed largely to challenges faced by the Group’s timber supply chain and money lending operations, including decreased revenue, rising costs, and impairment losses. Shareholders and potential investors are advised to exercise caution, with full financial results to be released on 27 June 2024.
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