Sincere Co. Ltd. (HK:0244) has released an update.
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The Sincere Company, Limited has issued a profit warning, anticipating a net loss of HK$26.0 million to HK$28.0 million for the first half of 2024, a significant increase from the HK$17.5 million loss in the same period last year. This downturn is largely due to a decrease in revenue and gross profit margin within Hong Kong’s challenging consumer and retail market, exacerbated by aggressive pricing strategies and increased finance costs. The company’s interim results are still being finalized and have yet to be audited, with a detailed report to follow on August 28, 2024.
For further insights into HK:0244 stock, check out TipRanks’ Stock Analysis page.