Brief: Cosmo Lady (China) Expects To Record A Loss After Tax Of Not Less Than RMB 980 Mln For Year Ending 31 Dec

Cosmo Lady (China) Holdings Co

23/12/2019 11:48

Dec 23 (Reuters) - Cosmo Lady (China) Holdings Co Ltd
 2298.HK :
    * EXPECTS TO RECORD A LOSS AFTER TAX OF NOT LESS THAN RMB
980
MILLION FOR YEAR ENDING 31 DECEMBER 2019
    * DURING YEAR ENDING 31 DEC 2019 FACED HEADWINDS IN BUSINESS
ACTIVITIES AS A RESULT OF SLOWING CHINA ECONOMY AND DOMESTIC
DEMAND
    * DECIDED TO CLOSE A NUMBER OF LOSS-MAKING RETAIL STORES OF
GROUP
    * DECIDED ONE-OFF WRITE DOWN OF INVENTORIES BY AN AMOUNT OF
ABOUT
RMB 650 MILLION TO RMB 700 MILLION
    * EXPECT TO INCUR COSTS FOR AN AGGREGATE AMOUNT OF ABOUT RMB
20
MILLION TO RMB 30 MILLION FOR STAFF REDUNDANCY, AMONG OTHER
THINGS
    * DECIDED ONE-OFF WAIVING AMOUNTS OF ABOUT RMB 310 MILLION
TO RMB
350 MILLION OWED BY MAJOR CUSTOMERS OF GROUP

Source text for Eikon:  ID:nHKS6qNhtY 
Further company coverage:  2298.HK 

 ((Reuters.Briefs@thomsonreuters.com;))