Lianhua Supermarket (HKG:0980) expects to record a net loss of about 340 million yuan to 380 million yuan for 2024, compared with 791 million yuan in the same period a year earlier, according to a Friday filing with the Hong Kong bourse.

The company attributed the narrower loss to no longer recognizing losses from an associate company in 2024 after fully writing off its investment in 2023 and closing long-term loss-making outlets to cut expenses and improve resource allocation.

The China-based supermarket operations business plan to publish their annual results in March.

The company's shares were down over 7% at the close of trade.