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Silver Tide to Widen Loss in Fiscal H1
King's Stone Holdings Warns of Significant Financial Loss
Kingstone Holdings Group (01943.HK): Expected mid-term loss of approximately 62 million - -64 million Hong Kong dollars.
Gelonghui, November 18th, Golden Stone Holdings Group (01943.HK) announced that the group expects to incur unaudited loss net amounts ranging from approximately 62 million Hong Kong dollars to 64 million Hong Kong dollars for the six months ended September 30, 2024, while the loss net amount for the six months ended September 30, 2023 was approximately 2.4 million Hong Kong dollars. The board of directors believes that the expected loss net amount can mainly be attributed to the following factors: (a) due to intense market competition, successful tender numbers have decreased and the value of awarded contracts has declined, resulting in reduced revenue; and (b) increased administrative expenses and bonuses given to employees.
"Profit Warning" Kwan Shing Holdings (01943.HK) expects mid-term losses to expand to a maximum of 64 million yuan.
Golden Stone Holdings (01943.HK) has issued a profit warning, expecting an unaudited net loss of approximately 62 million to 64 million HKD for the six months ending September 30, 2024, compared to a net loss of approximately 2.4 million HKD for the six months ending September 30, 2023. The company explained that the anticipated increase in net loss is mainly due to fierce market competition, leading to a decrease in the number of successful bids and a decline in the value of awarded contracts, resulting in reduced revenue, as well as increased administrative expenses and greater discretionary bonuses for employees.
KING'S STONE: PROFIT WARNING
Hong Kong stock market retreats from its high levels, with the Hang Seng Index and the H-share Index both falling by over 1%; the real estate and brokerage sectors decline, Sunac drops more than 9%, Citic Securities falls by nearly 6%.
Network technology stocks decline, NetEase-S drops by 5.61%, Meituan-W drops by 4.05%; Securities and brokerage stocks weaken, CSC drops by 5.45%, China International Capital Corporation drops by 4.34%; Coal industrial concept stocks weaken, China Coal Energy drops by 4.22%, Kinetic Dev drops by 3.18%.
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