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U-Right International issues profit warning

Fashion retailer and wholesaler U-Right International has warned shareholders it expects to post a loss for the six months to September.
The company’s board issued a profit warning to the stock exchange saying that based on information currently available, an unspecified loss is expected, compared to the profit of HK$2.7 million recorded during the corresponding period in 2014.
The company says the poor performance is attributable to the weak domestic garment market and the emergence of internet retail business in China, which collectively led to a decline in its garment business.
“Although the group has successfully expanded its trading business in construction materials, due to its lower profit margin of the trading business as compared with that of the garment business, the group experienced a significant decline in its gross profit by over 30 per cent as compared with that of approximately $13.5 million in the last period.”
U-Right makes and retails men’s and women’s casual wear under its own brand name through retail outlets and wholesale distribution points.

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