Xiabuxiabu Catering Management (China) (HKG:0520) expects a net loss of between around 260 million yuan and 280 million yuan for the six months ended June 30, as compared to a net profit of 2.12 million a year prior, an Aug. 2 filing said.
The restaurant operator attributed the anticipated loss mainly to a 16% drop in revenue to 2.4 billion yuan during the half-year and the provision of relevant impairment losses for restaurants that are expected to be closed and record continued losses.
Shares of the company closed over 8% lower on Monday.
Price (HKD): $1.12, Change: $-0.10, Percent Change: -8.20%
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