Vesync Co., Ltd Provides Group Earnings Guidance for the Year Ended December 31, 2022
March 14, 2023 at 08:24 am EDT
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Vesync Co. Ltd. provides group earnings guidance for the year ended December 31, 2022. For the year, the Group expects to record a decrease of approximately 25% to 35% or USD 10 million to USD 14.5 million in the profit attributable to owners of the parent for the Relevant Period as compared to the year ended December 31, 2021.
As of the date of this announcement, the Group is still in the process of assessing the impact of the Voluntary Recall on the financial performance of the Group, and based on the information currently available to the Board, the Board estimates that the Voluntary Recall would further reduce the profit attributable to owners of the parent for the Relevant Period by approximately USD 30 million to USD 60 million.
Vesync Co., Ltd is an investment holding company. The Company is engaged in the small home appliance online market. The Company is principally engaged in research and development, manufacture and sale of smart household appliances and smart home devices. It primarily designs, develops and sells small home appliances under its three core brands, namely, Levoit for home environment appliances; Etekcity for smart home gadgets, health monitoring devices, outdoor recreation products and personal care products; and Cosori for kitchen appliances and dining ware. Its products include Etekcity Smart WiFi Fitness Scale, Cosori Smart Air Fryer, and Levoit Cordless Stick Vacuum, among others. Its VeSync App enables users to achieve centralized control of smart home devices for the home automation experience. Its products are manufactured in the Peopleâs Republic of China (the PRC) and sold to customers in the United States, Canada, the United Kingdom, France, Germany, Spain, Italy, and Japan.