Pou Sheng Intl., the retail subsidiary of Yue Yuen, issued a revenue and profit warning for the first half ended June 30, citing persistent Covid-related restrictions in China that impacted consumer traffic and sentiment during the six months.
The group forecasts a 25 percent decline in H1 revenues to 9,865 million yuan renminbi (€1.44b) from RMB 13,074 million in the year-ago period. First half profits, meanwhile, are projected to fall a whopping 97 percent to RMB 17 million (€2.47m) from RMB 635,852,000 in H1/21.
Uncertainty about how persistent pandemic effects may impact Pou Sheng’s performance in the second half of 2022 remains, said the group, exploring new business opportunities and working to strengthen its ties with key business partners.
Official H1 results are scheduled to be released on Aug. 11.
