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Keytop Parking Expects Lower Profit in H1

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Keytop Parking (HKG:2272) expects to post net profit of 22 million yuan to 26 million yuan for the first half, compared with 25.9 million yuan a year earlier.

The company expects revenue to decline to 317 million yuan to 351 million yuan from 378.8 million yuan, according to a Monday Hong Kong bourse filing.

Keytop attributed the expected decline to delays in implementing ongoing smart parking system projects, higher sales and marketing expenses related to its newly launched online parking space rental platforms, and the absence of material government grants received in the year-ago period.

Shares of the firm were down nearly 2% in Tuesday late morning trade.

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Keytop Parking Expects Lower Profit in H1 | FINWIRES