Restaurateur Li Bao Ge Group expects a post-tax loss for its first six months of trading this year, based on a preliminary review of its unaudited accounts.
This follows a profit for the same period last year.
The group attributes its loss mainly to the closure of its I-Square Restaurant in November, which contributed a profit of about HK$7 million (US$902,468) during the six months ended June 30 last year.
Also, there were losses from the Sheung Wan and Beijing House Restaurants, which opened at the end of October.
Contributing as well were expenses of about HK$7.6 million for the company’s shares to be listed on the Growth Enterprise Market of the Hong Kong Stock Exchange.
Li Bao Ge Group is an investment holding company with a chain of Chinese restaurants under the Star of Canton and Beijing House brands in China. It also provides consulting services. Founded in 1998, the company is headquartered in Kwai Chung, Hong Kong.