BRIEF: Congyu swings to the red in 2024

0875.HK
Haidilao are a consumer product

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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