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
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Gome warns of wider losses amid debt problems
0493.HK -
BRIEF: Pagoda forecasts up to $54.8 million loss last year
2411.HK
-
Nissin warns of steep profit slide but sees solid core business
1475.HK
-
Dingdong rings up strong end to 2024, but warns of turbulence ahead
DDL.US
-
Gasping Huabao’s profits go up in smoke
0336.HK 300741.SHE
-
BRIEF: CMGE loss swells on weak year for new games
0302.HK
-
BRIEF: Greentown’s January sales fall 9% year-on-year
3900.HK
