Wei Yuan Holdings Limited (HK:1343) has released an update.
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Wei Yuan Holdings Limited has issued a profit warning indicating that its anticipated net profit for the first half of 2024 will range between S$0.1 million to S$0.3 million, a significant decrease from the S$1.0 million reported in the same period of 2023. The decline is mainly due to reduced revenue from road milling and resurfacing services, a lower overall gross profit margin, and an increased share of loss from a joint venture. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.
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