Tungtex (Holdings) Co (HK:0518) has released an update.
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Tungtex (Holdings) Company Limited has issued a profit warning, indicating an expected loss of HK$11.0 million to HK$14.0 million for the year ended 31 March 2024, a stark contrast to the HK$19.7 million profit from the previous year. This downturn is primarily due to a significant sales decline in North American markets, exacerbated by the challenging business environment. Shareholders and potential investors are cautioned to exercise care when trading the company’s shares.
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