China High Precision Automation Group Ltd. (HK:0591) has released an update.
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China High Precision Automation Group Ltd. has issued a profit warning indicating an expected net loss of RMB 30 million to RMB 34 million for the fiscal year ending June 30, 2024, a significant increase from the previous year’s RMB 22.7 million loss. The downturn is largely due to a RMB 7.2 million loss in the fair value of its investment properties amid a faltering property market in China. Shareholders and potential investors are cautioned that these preliminary figures are subject to final adjustments, with the official financial results to be released in late September 2024.
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