Reliance Global Holdings Issues Profit Warning Amid Rising Costs

Reliance Global Holdings Limited (HK:0723) has released an update.

Reliance Global Holdings Limited has issued a profit warning, expecting a net loss of up to HK$13 million for the first half of 2024, compared to a HK$3.68 million loss in the same period last year. The increased loss is attributed to challenges in both its timber supply chain, impacted by rising costs due to geopolitical tensions, and its money lending operations, which faced reduced revenue and asset impairments. Investors are advised to exercise caution as the company prepares to release detailed interim results later this month.

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