SUNART RETAIL Shares Plunge Over 10% Following Profit Warning, Forecasts Full-Year Loss

Stock News04-20

SUNART RETAIL (06808) experienced a sharp decline of over 10% subsequent to issuing a profit warning. At the time of writing, the stock was down 8.44%, trading at HKD 1.41, with a turnover of HKD 13.97 million.

The drop follows the company's announcement of an expected net loss ranging between RMB 300 million and RMB 350 million for the financial year ending in March. This contrasts with a net profit of RMB 405 million recorded in the previous fiscal year.

During the period, the company's gross profit margin remained stable and showed a slight recovery. The anticipated net loss and loss attributable to the company's owners are primarily attributed to a decrease in revenue, driven by a decline in both the number of individual transactions and the average selling price of goods, leading to a reduction in gross profit. Additionally, income from the store street business saw a decrease.

Despite the pressure on net profit, the group's overall operating cash flow and adjusted EBITDA demonstrated resilience.

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