HK Asia Holdings (HKG:1723) expects a decrease in profit attributable to the owners by 91% for the six months ended Sept. 30, as compared to the profit in the corresponding period of the previous year, according to a Friday filing with the Hong Kong bourse.

The company attributed the expected decrease in profit to the decreased value of total retail industry sales in Hong Kong and the increased discount provided by the Group to customers due to strong market competition.

The wholesale and retail company plans to publish its interim results later in November.

The company's shares were down almost 2% in the recent trading.