China’s Pou Sheng International expects to report a “substantial decrease” in profits in the first quarter due to new wave of the pandemic in its operating regions.
Pou Sheng said the rising cases “further reduced consumption demand and sentiment of consumers significantly, and the reintroduction of lockdown measures by local authorities in certain regions accounting for significant revenue percentage in the Group’s business operating regions.”
Consolidated revenue in the quarter ended March 31 is expected to amount to RMB5,481 million, which represents a decrease by 25 percent as compared to the same corresponding period in 2021. Consolidated net profit is expected to be approximately RMB108 million for the period, representing a decrease of more than 70% year over year to the consolidated net profit of approximately RMB367 million for the corresponding period in 2021.
The results are unaudited. Full results are expected to be releases on May 12.
