Brief: Sterling Group Posts Loss For Year Of HK$58.6 Million

Sterling group

29/06/2020 16:16

June 29 (Reuters) - Sterling Group Holdings Ltd  1825.HK :
    * LOSS FOR YEAR HK$58.6 MILLION VERSUS LOSS OF HK$22.7
MILLION
    * FY REVENUE HK$590.9 MILLION VERSUS HK$641.7 MILLION
    * WILL SEE REDUCTION IN FORCE OF ABOUT 300 EMPLOYEES AT SRI
LANKA
FACTORY
    * FOR HONG KONG HEAD OFFICE, REDUCING ONE THIRD OF ITS
OFFICE
SPACE & RIF OF 30 EMPLOYEES EFFECTIVE 30 JUNE
    * STAFF THAT REMAINS WILL SEE THEIR SALARIES FURTHER
ADJUSTED
DOWNWARD UP TO 33.3%
    * ANNUAL SAVINGS OF MEASURES ESTIMATED TO BE IN EXCESS OF
ABOUT
HK$20 MILLION

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS8fLCkH
Further company coverage:  1825.HK 

 (Reuters.Briefs@thomsonreuters.com)