Summary by Futu AI
Lumina Technology Group Limited (the 'Company') announced its unaudited interim results for the six months ended 30 June 2024. The report shows that the company's revenue declined from USD 8,764 thousand in the same period last year to USD 7,368 thousand, gross profit decreased from USD 7,588 thousand to USD 6,229 thousand, and net profit in the period significantly dropped from USD 2,024 thousand to USD 338 thousand. The increase in financial costs, the expected credit loss of trade receivables, and the promotional measures introduced to cope with intensified competition are the main reasons for the decline in profit. The Company's cash and cash equivalents decreased from USD 21,814 thousand to USD 16,670 thousand. Lumina Technology stated that it will continue to optimize and upgrade its Adorado and Powershopy platforms, and seek strategic partnerships and investment opportunities to maintain business growth. The Board of Directors does not recommend any interim dividends for this period.