Ruicheng Media Expects Lower Revenue but Higher Profit

Ruicheng (China) Media Group Limited (HK:1640) has released an update.

Ruicheng (China) Media Group Limited anticipates a notable decrease in revenue by over 70% for the first half of 2024 compared to the previous year, alongside a significant increase in net profit due to the reversal of impairment loss from a disposed subsidiary. The revenue drop is due to heightened competition and a price war in the advertising industry, while the profit surge is offset by the associated disposal loss and rising administrative expenses. Investors are cautioned to exercise prudence when dealing with the company’s shares.

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