Silver Tide Holdings Limited (HK:1943) has released an update.
Silver Tide Holdings Limited has issued a profit warning, anticipating a net loss of HK$30-35 million for the year ended 31 March 2024, a stark contrast to the previous year’s net profit of HK$5 million. The expected loss is attributed to increased subcontracting costs, a one-off staff bonus, decreased government subsidies, and a rise in loss allowance on trade receivables. Shareholders and potential investors are advised to exercise caution and await the detailed annual results to be published by 30 June 2024.
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