China MeiDong Auto Holdings (HK:1268) has released an update.
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China MeiDong Auto Holdings Limited warns of an expected loss for the first half of 2024 due to weak demand, falling prices, and non-cash impairments, contrasting with the profit generated in the same period of the previous year. The company attributes the anticipated loss to a decrease in gross profit, impairment on goodwill and dealership rights, and additional non-cash costs related to convertible bonds issuance. Despite these challenges, the Group maintains that its operating cash flow is healthy and its financial position remains stable.
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