Luen Thai Holdings (HKG:0311) expects a loss attributable to owners of between $32 million and $34 million for 2024, wider than the $6 million logged for 2023, a Tuesday Hong Kong bourse filing said.

The apparel business company attributed the expected increase to trade difficulties in the U.S., inventory gluts for major customers, general and administrative expenses, and certain non-recurring expenses among others.

Shares of the company plummeted over 11% on Tuesday.

Price (HKD): $0.19, Change: $-0.024, Percent Change: -11.43%