REF HOLDINGS(01631) issues profit warning, expecting a decrease of no less than 50% in shareholders' net profit for the fiscal year 2024.

REF Holdings (01631) announced that it expects the company's attributable profit for the year ending December 31, 2024 to decrease by no less than 50%, compared to approximately HK$11.7 million in the same period last year. The expected decrease in profit is mainly due to a decline in revenue; an increase in share-based payment expenses recognized under applicable accounting standards as a result of issuing company share options to certain eligible participants during the year; and an increase in credit loss provisions for expected trade receivables.