Jiumaojiu International Holdings Expects Lower Profit in H1 2024

MT Newswires Live2024-07-22

Jiumaojiu International Holdings (HKG:9922) expects a profit attributable to equity shareholders of at least 67.0 million yuan for the six months ended June 30, indicating a decline of at most 69.8% from the attributable profit of 222.2 million yuan from the corresponding year last year, a Friday filing with the Hong Kong Exchange said.

The company attributed the decrease to the lack of grants from the government during the period as compared to last year during the pandemic, a decrease in consumer spending, and a shift in consumer habits, the company's cost control measures lagging behind the decrease in revenue and impairment losses of property and right-of-use assets.

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