BRIEF: Wai Yuen Tong’s profit plunges in first half of fiscal year
Drug and healthcare products maker Wai Yuen Tong Medicine Holdings Ltd. (0897.HK) warned on Monday that it expects to report its profit plunged 87% year-on-year to HK$3 million ($390,000) or less in the six months through September, the first half of its fiscal year, from the HK$23.7 million a year earlier.
The company said its retail business was hit by weak consumer sentiment during the reporting period, resulting in a 7% drop in revenue and a corresponding decline in gross profit. Meanwhile, its net gain from property disposals also fell significantly, and a decrease in fair value gains of its investment properties further weighed on its profits. Those negative factors were partially offset by lower administrative expenses and financing costs, it added.
Wai Yuen Tong’s stock opened flat on Tuesday and closed at HK$0.45 by the midday break, with no change. The stock is up about 80% year-to-date.
By Lee Shih Ta
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