Red Star Macalline Group Expects Net Loss to Widen in 2024

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Red Star Macalline Group Expects Net Loss to Widen in 2024

MT Newswires Live01-20

Red Star Macalline Group (HKG:1528) expects a net loss attributable to the owners of the company of about 2.61 billion yuan to 3.06 billion yuan in 2024, wider than the 2.41 billion yuan a year ago, according to a Friday filing with the Hong Kong Stock Exchange.

The home decoration and furniture mall operation company attributed the expected wider loss to economic fluctuations, reduced occupancy rates, rent reductions, and strategy adjustments, leading to a valuation drop of over 1.40 billion yuan in 2024 investment properties.

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