Mainland Headwear (HKG:1100) expects its attributable profit for 2024 to drop by at least 50% year over year, a Feb. 28 filing by the headwear products maker with the Hong Kong bourse said.

The firm attributed the projected lower profit mainly to a weak retail consumer market and built-up inventories of major customers, loss from a newly-constructed factory in Mexico, the operating loss of a newly-acquired unit in the Netherlands, and the absence of a one-off profit from a US property disposal.