The board of Ziwo Holdings issued a revenue and profit warning today following preliminary assessment of the group's draft unaudited financial results for the second quarter and six months ended June 30.
Ziwo, a producer of raw materials for sports apparel, is expected to record a significant drop in its revenue and report an operating loss for the quarter as well as the half year.
This significant drop in financial performance was mainly attributed to:
* a slow down in sales of key products;
* lower gross profit margins; and
* additional provision for doubtful debts.
Further details will be disclosed when the company finalises and announces its financial results on Aug 13.