Huasheng Intl Holdings Limited issued a profit warning on November 22, 2024, anticipating an unaudited loss attributable to shareholders of not less than approximately HKD 24,000,000 for the six months ending September 30, 2024, significantly higher than approximately HKD 3,800,000 during the same period in 2023. The main reason for the expanded loss is the weak demand for ready-mixed concrete products, affected by the sluggish real estate market in China and severe operating conditions, which have slowed construction progress and negatively impacted production and sales in the concrete business.In addition, revenue from the concrete business has decreased significantly by approximately HKD 102,200,000 or 33.8% compared to the same period last year. Rising raw material costs and ongoing price competition continue to challenge the gross margin. Despite the...Show More

Huasheng Intl Holdings Limited issued a profit warning on November 22, 2024, anticipating an unaudited loss attributable to shareholders of not less than approximately HKD 24,000,000 for the six months ending September 30, 2024, significantly higher than approximately HKD 3,800,000 during the same period in 2023. The main reason for the expanded loss is the weak demand for ready-mixed concrete products, affected by the sluggish real estate market in China and severe operating conditions, which have slowed construction progress and negatively impacted production and sales in the concrete business.In addition, revenue from the concrete business has decreased significantly by approximately HKD 102,200,000 or 33.8% compared to the same period last year. Rising raw material costs and ongoing price competition continue to challenge the gross margin. Despite the continuous optimization of China's real estate policy and the easing of regulations in several core cities, the market continues to undergo bottoming adjustments and maintain a low running level. The company emphasizes that the information in the announcement is based solely on an unaudited preliminary assessment and has not been reviewed by the audit committee and auditors.The group's financial information will be disclosed in the interim results announcement at the end of November 2024. Shareholders and potential investors should exercise caution when trading the company's shares.