An announcement from China MeiDong Auto Holdings ( (HK:1268) ) is now available.
China MeiDong Auto Holdings Limited has issued a profit warning, indicating that it expects to report a loss of approximately RMB2.3 billion for the year 2024, compared to a profit of RMB0.1 billion in 2023. This downturn is attributed to a price war in the automobile market and macro-economic factors, leading to significant non-cash impairments on goodwill and dealership rights. Despite the anticipated loss, the company reports an increase in net cash and cash equivalents, maintaining a healthy financial position with plans to consider shareholder returns through dividends or share repurchases.
More about China MeiDong Auto Holdings
China MeiDong Auto Holdings Limited is a company incorporated in the Cayman Islands, operating in the automobile industry. The company is involved in the sale and service of automobiles, focusing on dealership rights and related services.
YTD Price Performance: -6.91%
Average Trading Volume: 50,000
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: $351.4M
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