Ninestar publishes forecast for FY2023

February 2, 2024

Ninestar Corporation faces a challenging fiscal year with an anticipated net loss of RMB450 to RMB650 million ($63 to $91 million/€58 to €84 million) for 2023, starkly contrasting last year’s RMB186.289 million ($26 million/ €24 million) profit.

The downturn is attributed to significant declines in subsidiary performances and considerable goodwill impairment.

Despite these setbacks, Ninestar emphasises its operational stability, backed by global market expansion and supply chain strategies.

The company also prepares for long-term asset impairments, reflecting a cautious approach towards its financial health.

Categories : City News

Tags : Business Financial Forecast Losses Ninestar