Summary by Moomoo AI
Fairwood Holdings Limited issued a profit warning on November 4, 2024, forecasting that the unaudited comprehensive management accounts for the six months ended September 30, 2024, show that the group's attributable profits to shareholders are expected to decline by 50% to 60% compared to the same period in 2023, to approximately HKD 36.3 million. This decrease is mainly due to the continuous decline in consumer spending by Hong Kong residents traveling to the mainland of China, the downgrade of consumer spending in Hong Kong and mainland China, as well as the increase in related expenses and impairment provisions due to the closure of underperforming stores. The board of directors reminds shareholders and potential investors not to overly rely on preliminary data and to handle the company's shares prudently. The mid-term performance of Fairwood Holdings is expected to be announced by the end of November 2024.
