"Waning Profit Warning" WAI YUEN TONG forecasts that mid-term net profit will decrease to no more than 3 million yuan

WAI YUEN TONG (00897.HK) issued a profit warning, expecting a net profit of no more than HKD 3 million for the six months ending in September, compared to HKD 23.7 million in the same period last year. The decrease in profit is mainly due to weak consumer demand in the retail market during the period, leading to a revenue decline of approximately 7%, and a corresponding decrease in gross profit; the net income from property sales has significantly decreased; and the fair value gains from investment properties have decreased