Linmark Group parent issues profit warning

Daohe Global Group, the parent of Linmark Group, has warned its profit is likely to plunge 80 per cent due to the current global retail market.
Linmark, founded in 1964, is a global sourcing and supply chain management solutions provider, sourcing products from China, Taiwan, Bangladesh, Thailand, Indonesia, Vietnam, India and Pakistan for retail chains, department stores and mail order businesses in North America, Europe, South Africa, Asia and Australia.
Daohe Global has issued a warning to the Hong Kong stock exchange that it expects its net profit for the year ended April 30 2016 will fall by more than 80 per cent compared with last year.
The company blamed  a decline in group turnover “due to the challenging global business environment” and an additional tax provision to be made for the year relating to a Hong Kong tax case still in negotiation.
“This profit warning announcement is based on preliminary estimates by management of the company with reference to the consolidated management accounts of the group and the information available for the time being, which have neither been reviewed nor audited by the company’s auditors,” the company said. It will releases its results in July.
Linmark specialises in women’s, men’s and children’s clothing lines, consumer electronics and textiles.
 

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