Modern Chinese Medicine Group Co. Ltd. (HK:1643) has released an update.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Modern Chinese Medicine Group Co., Ltd. has issued a profit warning, anticipating a net loss of RMB4.5 to 8.5 million for the first half of 2024, a stark contrast to the net profit of RMB27.6 million in the same period last year. The downturn is attributed to a decrease in revenue due to production halt for renovation and a loss on disposal of plant equipment. The company assures shareholders of adequate cash reserves for current operations and minimal impact on overall cash flow.
For further insights into HK:1643 stock, check out TipRanks’ Stock Analysis page.