Minsheng Education Group Co. Ltd. (HK:1569) has released an update.
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Minsheng Education Group Co. Ltd. has issued a profit warning, anticipating a significant decrease of about 64% in net profit for the six months ending June 2024, compared to the same period in 2023. This downturn is attributed to increased investments in school operations, higher staffing costs, changes in tax expenses due to reclassification of schools as for-profit, and a decline in profits from its online education entity due to enrollment suspension. Shareholders and investors are advised to treat this preliminary information with caution as it is based on unaudited accounts and may be subject to change.
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