Luen Thai Holdings Limited (HK:0311) has released an update.
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Luen Thai Holdings Limited has issued a profit warning, anticipating a loss of between $9.5 million and $10.5 million for the first half of 2024, a stark contrast to the modest profit of approximately $284,000 in the same period of 2023. The company attributes the expected losses to a decrease in revenue due to reduced customer orders, one-off severance payments, and high interest rates. Luen Thai’s management is taking proactive steps to mitigate risks, improve efficiency, and adjust business strategies in response to market conditions.
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