Veeko International Holdings Limited (HK:1173) has released an update.
Veeko International Holdings Limited warns of a substantial loss for the fiscal year ended March 31, 2024, with a projected after-tax loss between HK$38 million to HK$42 million, a stark contrast to the previous year’s profit of HK$5.03 million. The downturn is attributed to increased finance costs, decreased fair value on investment properties, absence of COVID-19 related government support, and a shrinking gross profit margin in the cosmetics segment. To mitigate future finance costs and support working capital, executive directors have extended a significant revolving loan facility to the company.
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