GOLDPAC GROUP (03315) issues profit warning, expecting the annual profit attributable to owners to decrease by approximately 60% to 70% year-on-year.

GOLDPAC GROUP (03315) announced that the Board of Directors expects the company's annual revenue for the year ending December 31, 2024 to decrease by approximately 20% to 30% compared to the year ending December 31, 2023 (approximately 1.417 billion Hong Kong dollars), and the annual attributable net profit of the owners of the company for the year ending December 31, 2024 to decrease by approximately 60% to 70% compared to the year ending December 31, 2023 (approximately 132 million Hong Kong dollars). The announcement stated that the decrease in the annual attributable net profit of the owners of the company for the year ending December 31, 2024 is mainly due to (i) the increasing complexity, severity, and uncertainty of the economic environment, with Chinese commercial banks strengthening risk control and intensifying industry competition, leading to a decrease in the selling prices and quantities of the company's products; (ii) increased instability in the international situation affecting international market sales orders; and (iii) an increase in investment in the Group's digital transformation.