BRIEF: Shanghai XNG first-half loss balloons

3666.HK

Restaurant operator Shanghai XNG Holdings Ltd. (3666.HK) warned on Wednesday that it will report a loss of up to 30 million yuan ($4.21 million) for the first half of this year, up nearly ninefold from its loss of 3.4 million yuan a year earlier.

It blamed the sharp increase on weak consumer sentiment in China, which caused its revenue to slump by 20% to 30% during the period. Losses in the fair value of its financial liabilities were also partly to blame. The company said it plans to enhance its competitiveness through more online and offline promotions in the future.

By Lau Chi Hang

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