Huaxi Holdings Co. Ltd. ( (HK:1689) ) has issued an update.
Huaxi Holdings Co. Ltd. has issued a profit warning, anticipating a significant increase in losses for the year ending December 2024, with expected losses between HK$100 million and HK$122 million compared to HK$41 million in the previous year. The increase in losses is attributed to higher impairment losses on financial and contract assets, challenges in the environmental restoration business due to fewer new projects and increased maintenance costs, and decreased revenue from cigarette packaging products amid intense market competition.
More about Huaxi Holdings Co. Ltd.
Huaxi Holdings Co. Ltd. operates in the environmental and ecological restoration industry and also produces cigarette packaging products. The company focuses on providing solutions for environmental restoration and has faced challenges in its market due to intense competition and a decline in demand for its packaging products.
YTD Price Performance: 39.22%
Average Trading Volume: 331,762
Technical Sentiment Signal: Buy
Current Market Cap: HK$498M
Learn more about 1689 stock on TipRanks’ Stock Analysis page.