Universal Technologies Holdings Ltd. Provides Group Earnings Guidance for the Six Months Ended June 30, 2016
August 19, 2016 at 10:51 am
Universal Technologies Holdings Ltd. provided group earnings guidance for the six months ended June 30, 2016. The group is expected to record an increase in the net loss attributable to the shareholders for the six months ended June 30, 2016, as compared with the corresponding period in 2015, mainly due to (i) the slowdown in China's economic growth and the intensified competition for the payment solutions industry in China, resulting in a reduction in revenue and an increase in losses of the group's payment solutions business; and (ii) the currency exchange loss on Renminbi denominated assets of the group as a result of the devaluation of Renminbi.