News: WAI YUEN TONG forecasts a nearly 90% year-on-year decline in interim profits
WAI YUEN TONG Pharmaceutical Holdings Limited issued a profit warning, expecting that the interim net profit for the period ending September will not exceed HKD 3 million, a year-on-year decrease of 87%. The company stated that the decline in consumer willingness at the retail end led to a revenue decrease of approximately 7%, a reduction in gross profit, and a decline in the net fair value gains of investment properties were also reasons for the profit drop. Some negative impacts were offset by a decrease in administrative expenses and financing costs
Chinese medicine retail and healthcare product company WAI YUEN TONG Pharmaceutical Holdings Limited (0897.HK) issued a profit warning on Monday, expecting a net profit of no more than approximately HKD 3 million for the interim results ending at the end of September, a significant year-on-year decline of 87% compared to HKD 23.7 million in the same period last year.
The company stated that the retail sector was affected by a decline in consumer willingness to spend during the reporting period, resulting in a revenue decrease of about 7%, which correspondingly reduced gross profit; at the same time, the net income from property sales also significantly shrank, and the fair value income net of the group's investment properties declined, which was a key factor in the profit contraction. However, some negative impacts have been offset by a decrease in administrative expenses and financing costs.
WAI YUEN TONG's stock price opened flat on Tuesday, reporting HKD 0.45 at noon, with no increase or decrease. The stock has risen approximately 80% year-to-date
