Gaoxin Retail (06808) issued an announcement. It is expected that for the year ending March 31, 2024, according to the Hong Kong Financial Report...
According to the Zhitong Finance App, Gaoxin Retail (06808) issued an announcement. It is expected that the Group will make a net loss of about RMB 1.6 billion to RMB 1.7 billion (unaudited) in accordance with Hong Kong Financial Reporting Standards for the year ended March 31, 2024, compared to the net profit of RMB 78 million for the year ended March 31, 2023.
The expected net loss is mainly due to impairment losses recorded for the year ended March 31, 2024, mainly due to negative cash flow, impairment of usage assets and fixed assets, goodwill impairment, etc. of stores closed and proposed to close stores.
Excluding the impact of impairment losses, the net loss for the year ended March 31, 2024 is expected to be approximately RMB 600 million to RMB 700 million (unreviewed), mainly due to reduced unit prices due to a combination of factors including business adjustments and loss of customer mentality to stock up, resulting in a decline in revenue expectations.