Gelonghui, March 13, 丨 Tang Palace China (01181.HK) announced that the company expects the profit attributable to the company owner to be between RMB 35 million and RMB 45 million for the year ended December 31, 2023, while the loss attributable to the company owner in the previous year was approximately RMB 150.9 million.
The board of directors believes that the main reason the Group is expected to turn a loss into a profit is that the Group's earnings have increased by about 20% compared to last year, and it is expected to record revenue of approximately RMB 1,122.9 million. The increase in earnings was mainly due to the Chinese government's cancellation of most of the epidemic prevention measures (such as banning dine-in and restrictions on the movement of people) in December 2022, so the overall operating days and average daily revenue of most of the Group's restaurants increased. Although the Group expects the report's annual results to be significantly improved compared to last year, the Group will continue to monitor market conditions and closely examine business performance, so as to adjust business strategies in due course and adopt appropriate open source savings measures.