Red Star Macalline Group Expects to Swing to Loss in H1; Shares Slide Over 5%

MT Newswires Live07-10

Red Star Macalline Group (HKG:1528, SHA:601828) said it expects a net loss attributable to the owners of 1.09 billion yuan to 1.47 billion yuan for the six months ended June 30, compared with a net profit of 128.2 million in the same period in the previous year, according to a Tuesday filing on the Hong Kong bourse.

The company attributed the swing in the profit to loss to fluctuations in demand due to the economic conditions, low occupancy in the malls, and changing practices among renters.

The home decor company will likely publish its interim result in mid to late August.

The share prices of the company were down by over 5% in recent trading.

Price (HKD): $1.26, Change: $-0.07, Percent Change: -5.26%

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