Kingmaker Footwear Holdings (HKG:1170) expects a loss attributable to equity holders between HK$12 million and HK$15 million for the six months ended Sept. 30, against a profit logged for the same period last year, a Monday Hong Kong bourse filing said.

The footwear manufacturer attributed the expected loss to a decrease in revenue, an increase in proportionate fixed costs resulting from the slowed-down economy, and increased labor costs during the period.

The company also attributed the loss during the reporting period to the reduction in profit share from its associated companies operating in Vietnam and an estimated fair value loss on investment properties in China and Hong Kong.

The company's shares closed nearly 3% lower on Monday.