Miko International expects loss
Hong Kong-listed children’s apparel company Miko International has warned it expects to have a “significant” drop in profit for its 11 months to the end of November.
In an announcement to the Hong Kong Stock Exchange, the China-based company also says that based on a preliminary review of its unaudited accounts, it expects a net loss for the full financial year following a profit for the previous year.
Miko says this in mainly attributable to the continuous weak growth of the consumer market in China. With sales of its own branded products impacted, prices had to be reduced, squeezing margins.
The group’s annual results are expected to be announced by the end of March.