Summary by Futu AI
The ZHONG JI LS Group has issued a profit warning, expecting to record a net loss of about 32 million to 35 million Hong Kong dollars for the fiscal year 2024, and a net loss attributable to shareholders of about 32 million to 35 million Hong Kong dollars. In comparison, a net profit of about 2.5 million Hong Kong dollars and a profit attributable to shareholders of approximately 2.3 million Hong Kong dollars was recorded in the fiscal year 2023.The anticipated losses are mainly attributed to three factors: first, a one-time legal and service fee of about 20.4 million Hong Kong dollars incurred by a subsidiary of the company for collecting approximately 1.076 billion Hong Kong dollars in long-term overdue loans across multiple jurisdictions; second, significant marketing costs for the MNM supplements in the ZHONG JI LS business in China; third, the impact of discontinuing the MNM dietary supplement Retail Trade. The company expects to announce detailed financial results for the fiscal year 2024 on or before March 28, 2025.
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