Novo Group warns shareholders of loss

The profit warning was due to the decline in the Group’s trading business.

The board of directors of Novo Group Ltd. informed the company’s shareholders and potential investors that the Group expects to record a loss in its unaudited consolidated quarterly results for the first quarter ended 31 July 2012.

Novo Group said the expected loss is mainly attributable to the decline in the Group’s trading business brought about by the unpredictable economic situation due to heightening concerns of sovereign debt crisis in Europe and concerns of a hard landing in the People’s Republic of China throughout the period under review.

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