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Watts International Maritime Engineering Ltd. ( (HK:2258) ) has provided an announcement.
Watts International Maritime Engineering Ltd. has issued a profit warning, anticipating a net loss of RMB65 million to RMB75 million for the financial year ending December 2024, compared to a net profit of RMB30.7 million in 2023. This downturn is attributed to a significant decline in revenue and gross profit due to challenging macroeconomic conditions in the PRC, a weakened property market, and increased competition in their industry sectors. Additionally, there is an increased general provision of RMB44.6 million related to several municipal construction projects. The company’s annual results are still being finalized, and stakeholders are advised to exercise caution.
More about Watts International Maritime Engineering Ltd.
Watts International Maritime Engineering Ltd. operates in the maritime engineering industry, focusing on port, waterway, and marine engineering services. The company is involved in municipal construction projects, primarily within the PRC and Southeast Asia markets.
YTD Price Performance: -7.00%
Average Trading Volume: 78,333
Technical Sentiment Signal: Sell
Current Market Cap: HK$152.3M
See more data about 2258 stock on TipRanks’ Stock Analysis page.