BRIEF: Ulferts warns of $5.8 million loss for its latest fiscal year
Furniture retailer Ulferts International Ltd. (1711.HK) warned on Wednesday it will report a loss of up to HK$45 million ($5.77 million) for its fiscal year through May, compared with a loss of HK$25 million in the previous fiscal year.
The company attributed the latest loss to challenging business conditions during its latest fiscal year, which resulted in a 10% revenue decline. It also recorded impairment losses of about HK$17 million, compared to impairment losses of HK$5.22 million in the prior fiscal year.
Ulferts imports high-end European furniture for sale in its retail stores, primarily in Hong Kong. The company reported a loss of HK$11.1 million for the six months through last November, the first half of its fiscal year.
Shares of Ulferts opened flat at HK$0.067 on Thursday. The stock is down over 40% from its 52-week high.
By Lau Chi Hang
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