Convenience Retail Asia (HKG:0831) expects its attributable profit to decline 60% to 70% in 2024 from HK$58 million in 2023, according to a Thursday filing with the Hong Kong Exchange.
The lower forecast is attributable to lower spending in Hong Kong, more intense competition in Shenzhen and nearby areas, higher startup costs in Singapore, and one-off restructuring costs in its retail bakery operations in Guangzhou, China, the report said.
The retailer plans to release full-year results in March.
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