Jiumaojiu International (HKG:9922) expects an attributable profit of at least 50 million yuan for 2024, down from 453.5 million yuan in the previous year, according to a Monday filing with the Hong Kong bourse.
The company attributed the expected profit decline to the decline in same-store performance of the Group's restaurants due to intensified competition in the catering market, one-off store closure losses and impairment losses, and a decrease in other income.
The company's stocks were up by 7% at the close of trading.
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