Zhengwei Warns of Swing to 18-Month Loss; Shares Slip 11%
MT Newswires Live
Sep 23
Zhengwei Group (HKG:2147) expects a post-tax net loss of at least 108 million yuan for the 18 months ended June 30, compared with a post-tax net profit of 67.5 million yuan in the year ended Dec. 31, 2023, a Monday Hong Kong bourse filing said.
Shares of the packaged food company were down 11% in Tuesday afternoon trading.
The firm attributed the forecast to a significant rise in cost of sales, outweighing the corresponding increase in revenue, leading to a swing to gross loss.
The firm is forecasting results for 18 months as it changed its financial year-end date to June 30 from Dec. 31 previously.
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