TAO HEUNG HLDGS issued a profit warning, expecting an annual loss attributable to shareholders of approximately HKD 48 million to HKD 58 million

TAO HEUNG HLDGS expects to record a loss attributable to shareholders of approximately HKD 48 million to HKD 58 million for the fiscal year 2024, compared to a profit of HKD 74 million in the same period last year. The loss is primarily due to a revenue decrease of 10% to 20%, influenced by the global economic slowdown, geopolitical issues, interest rate hikes, and inflation. The Hong Kong dining market faces challenges, including changes in consumer spending patterns and rising costs. Although the mainland dining industry has seen slight growth, competition has intensified. The group will launch a new menu, control costs, and strengthen brand awareness to address market challenges