Shenzhen Pagoda Industrial (Group) Corp. Ltd. Class H (HK:2411) has released an update.
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Shenzhen Pagoda Industrial (Group) Corp. Ltd. has issued a profit warning, anticipating a decrease in profit by up to 70% and a revenue drop by up to 15% for the first half of 2024 compared to the same period in 2023. The expected decline is attributed to increased investment in marketing and store refurbishments, weak consumer spending, and a high revenue base in the previous year following the lifting of pandemic restrictions. The company is taking action to adjust its business strategies, improve operational efficiency, and is set to finalize and release its interim results by late August 2024.
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