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China Tontine Wines Group Ltd Comments On H1 2013 Profit Guidance

Friday, 12 Jul 2013 06:01am EDT 

China Tontine Wines Group Ltd announced that for first half of 2013, it expects to record a loss as compared to the recorded profit for first half of 2012. The expected loss was mainly attributable to: weaker demand for domestic wine products amid the slowing pace of economic growth in the PRC and the impact of imported wines on domestic market; and a substantial decrease in the operating profit caused by a slump in the sales of the Group’s mid-range and high-end wines (which has adversely affected the Group’s product mix and overall gross margin) mainly due to the PRC government-imposed restrictions on entertainment and hospitality as part of its anti-corruption drive. 

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