Tang Palace (China) Holdings Limited (HK:1181) has released an update.
Tang Palace (China) Holdings Limited has issued a profit warning, expecting a significant drop in profits for the first half of 2024, with anticipated profits between RMB2.0 million and RMB5.0 million, a sharp decline from the RMB41.6 million in the same period of 2023. The company attributes the downturn to economic slowdowns in China and Hong Kong, leading to reduced customer numbers and spending in their restaurants. Despite the challenges, the company has implemented various marketing and cost control strategies to mitigate the impact and is cautiously optimistic about its adaptive measures for future sustainability.
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