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Fashion group Esprit Holdings expects to more than double its net profit for its financial year to the end of June, it has announced in a profit estimate for The Stock Exchange of Hong Kong.
In a preliminary review of its unaudited consolidated management accounts, the company expects a net profit in the range of about HK$50 million (US$6 million) to $80 million, compared to the previous year’s $21 million.
Company secretary Florence Ng Wai Yin says the overall development is attributable to two main factors:
(i) an improvement of the financial performance of the group’s underlying business (excluding exceptional items), estimated to be about $370 million to $400 million; and
(ii) less favourable taxation credit, which has been reduced to roughly between $156 million to $186 million compared to last year’s $606 million.
The company expects to release its final results announcement next month.