Tai Hing Group Holdings Ltd. (HK:6811) has released an update.
Tai Hing Group Holdings Limited has issued a profit warning, projecting a significant decrease in profits for the six months ending June 30, 2024, with expected profits between HK$8 million to HK$12 million, a sharp drop from HK$45 million in the same period last year. The decline is attributed to a slower economic recovery in Hong Kong, changes in local consumption habits, higher operating costs following the pandemic, and increased closure-related expenses due to underperforming restaurants in Chinese Mainland. Despite these challenges, the company plans to maintain a stringent capital management policy and adjust its strategies to ensure financial stability.
For further insights into HK:6811 stock, check out TipRanks’ Stock Analysis page.
