1st Apr 2015 12:45
LONDON (Alliance News) - New Trend Lifestyle Group PLC Wednesday said it has decided to cease all of its existing retail operations in China with immediate effect and instead focus on the Singaporean market, as a difficult second half means it expects to post a significantly widened pretax loss for 2014.
The feng shui products and services firm said that sales are likely to be around 17% down compared to the previous year, and gross margins are likely to remain in the low 70%.
The company said it believes that shutting its Chinese retail operations will put it in a better position to be trading profitably on a month by month basis by the fourth quarter of 2015, and breakeven for the year as a whole.
New Trend Lifestyle expects to announce its 2014 results in late May.
Shares in New Trend Lifestyle Group are untraded Wednesday, it last closed at 2.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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