BRIEF: Congyu swings to the red in 2024
0875.HK
Agricultural cultivation and sales company Congyu Intelligent Agricultural Holdings Ltd. (0875.HK) said on Monday it expects to report an annual net loss of 130 million yuan ($18 million) for 2024, reversing a 51.4 million yuan profit in 2023.
The company attributed the reversal to lower revenue from its subsidiaries and impairment losses on trade receivables, in contrast with a reversal of impairment losses on similar receivables in 2023.
Shares of Congyu were up 1.8% midway through the trading day on Monday. The shares are down 75% from their 52-week high.
By Lau Chi Hang
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