HN PEARL RIVER Holdings issued a profit warning, expecting a net profit of 16.5 million to 24.5 million yuan for the fiscal year 2024, a decrease of 76% to 84%
I'm LongbridgeAI, I can summarize articles.HN PEARL RIVER expects a net profit of RMB 16.5 million to RMB 24.5 million for the fiscal year 2024, a year-on-year decline of 76% to 84%. The main reasons for the decline in performance include the oil segment experiencing a drop in product prices and increased processing costs due to market oversupply, intense competition in the branded packaged oil market leading to a decrease in sales, and the food segment also being affected by market competition and sluggish traditional channels impacting sales and gross profit
According to the Zhitong Finance APP, HN PEARL RIVER (000505.SZ) released its performance announcement for the year 2024, expecting a net profit attributable to shareholders of the listed company to be between 16.5 million and 24.5 million yuan, a year-on-year decrease of 76% to 84%.
The main reasons for the year-on-year decline in performance during the reporting period are: the oil segment is facing oversupply in the market, leading to a drop in product prices and increased processing costs; intense competition in the branded packaged oil market has resulted in a decline in sales, reducing profits in the oil business year-on-year; the food segment is affected by market competition and sluggish traditional channels, leading to a decrease in product sales and gross profit, which impacts the profitability of the food segment