Pacific Textiles Holdings (HKG:1382) expects a 61% decline in attributable profit for the year ended March 31 to around HK$105.9 million from HK$268.6 million in fiscal 2023, a Friday filing on the Hong Kong bourse said.
The textile product manufacturer attributed the anticipated decline in profit mainly to higher net interest expenses, an operating loss incurred while setting up a new factory in Vietnam, and an impairment loss from its investment in Teejay Lanka.
Shares of the company closed 1% lower on Friday.
Price (HKD): $1.54, Change: $-0.02, Percent Change: -1.28%
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