Town Ray Holdings Forecasts Profit Drop

Town Ray Holdings Limited (HK:1692) has released an update.

Town Ray Holdings Limited has issued a profit warning, anticipating a 45% decrease in net profit for the first half of 2024 compared to the same period in 2023, primarily due to reduced demand for its electrothermic household appliances in Europe. The company attributes the decline to its European customers’ excess inventory destocking, which is expected to be completed in the second half of the year. Shareholders and potential investors are advised to exercise caution and await the upcoming interim results announcement for more accurate financial details.

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