Bossini loss likely to be four times that of last year
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Bossini has issued a profit warning saying unseasonal weather and weak consumer sentiment is impacting sales.
In a stock exchange filing in Hong Kong, where the company is listed, Bossini chairwoman Bess Tsin said unaudited consolidated management accounts of the group for the 10 months to April 30 indicate a loss attributable to shareholders of about HK$92 million (US$11.7 million) for the period.
“Based on the management accounts and the information currently available, the group expects that the loss attributable to owners for the year ending June 30 would be higher than that shown in the management accounts by about 35 per cent.”
That would equate to about $124 million, more than four times last year’s loss of $29 million.
She said the final figure would depend on the trading results for May and June.
Questions & Answers
Q.What are the main reasons Bossini has given for the expected increase in its losses?
What are the main reasons Bossini has given for the expected increase in its losses?
Bossini attributes the expected rise in losses to unseasonal weather conditions and a general weakness in consumer sentiment. These factors are reportedly having a negative impact on the company's sales performance.
Q.What is the expected total loss for Bossini for the year ending June 30?
What is the expected total loss for Bossini for the year ending June 30?
The group expects the loss attributable to owners for the year ending June 30 to be approximately HK$124 million. This figure is based on management accounts and current available information.
Q.How much higher is the projected loss for the full year compared to the loss reported in the management accounts?
How much higher is the projected loss for the full year compared to the loss reported in the management accounts?
The group anticipates the full-year loss will be about 35 per cent higher than the loss indicated in the management accounts for the 10 months to April 30. This projected increase brings the total loss to around HK$124 million.
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