Dynasty warns of losses ahead
By Shi Jing in Shanghai | China Daily | Updated: 2013-02-07 07:36
Dynasty Fine Wines Group Ltd, one of China's largest winemakers, has warned investors that it expects to make a loss in 2012 - its first since listing in Hong Kong in 2005.
The company, which saw profits plunge 97 percent in 2011 to HK$4.26 million ($549,000), said in a statement to the Hong Kong Stock Exchange that it had again suffered a sales drop last year as a result of a reorganization of its sales and distribution model, which it had initially disclosed in its interim report.
Dynasty's turnover fell 10 percent to HK$1.4 billion, year-on-year, in 2011. Last year, the company reported that its interim profits declined to HK$4.69 million.
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