Cinese International Group Holdings Limited (HK:1620) has released an update.
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Cinese International Group Holdings Limited reported a significant loss for the six-month period ending on June 30, 2024, with the company experiencing a dramatic 4,900% drop in profit, resulting in a loss of HK$28.8 million compared to a marginal profit in the previous year. Revenue did grow by 32.5%, but this was overshadowed by a larger increase in cost of sales, administrative expenses, and a substantial provision for expected credit losses. The group’s comprehensive loss also widened, impacted by currency translation differences and changes in the fair value of equity instruments.
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