Intimate wear maker Regina Miracle hits 6-week low on weak earnings outlook

Regina Miracle International (Holdings)

19/06/2024 04:20

** Shares of intimate wear manufacturer Regina Miracle
International (Holdings)  2199.HK  drop as much as 16% to
HK$2.25, their biggest one-day decline since Oct 19
    ** Stock last down 6.7%
    ** Co expects its net profit for the fiscal year ended in
March 2024 to drop not more than 65% year-on-year, with adjusted
net profit excluding restructuring cost to decline not more than
30% year-on-year as sales decrease amid global economic downturn
 
    ** Says continuous destocking cycle underwent by its
customer brands, an incurrence of restructuring cost on
relocation of production base in China, and an increase in
finance cost also hit earnings
    ** With the destocking cycle of customer brands coming to an
end, orders received by the group are expected to restore growth
in the first half of the fiscal year ending in March 2025 - Co 
    ** Hang Seng Composite Index  .HSCI  rises 1.8%, while Hang
Seng Commerce & Industry Index  .HSNC  and Hang Seng Index
 .HSI  both surge 2.1%
    ** Stock up 16.3% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))