HUASHENG INTL Holdings Limited announced its interim results for the six months ended September 30, 2024. During the period, the group recorded a net loss attributable to shareholders of approximately 24.4 million Hong Kong dollars, significantly widening from 3.8 million Hong Kong dollars in the same period last year. Revenue decreased by 34.3% from 0.313 billion Hong Kong dollars last year to 0.206 billion Hong Kong dollars, primarily due to a 33.8% decline in concrete business revenue to 0.2 billion Hong Kong dollars, and a 46.8% decrease in lending business revenue to 5.7 million Hong Kong dollars.The group's gross margin decreased by 53.2% from 92.2 million Hong Kong dollars last year to 43.2 million Hong Kong dollars. The gross margin for the concrete business fell from 27.0% to 18.7%, mainly affected by increased raw...Show More

HUASHENG INTL Holdings Limited announced its interim results for the six months ended September 30, 2024. During the period, the group recorded a net loss attributable to shareholders of approximately 24.4 million Hong Kong dollars, significantly widening from 3.8 million Hong Kong dollars in the same period last year. Revenue decreased by 34.3% from 0.313 billion Hong Kong dollars last year to 0.206 billion Hong Kong dollars, primarily due to a 33.8% decline in concrete business revenue to 0.2 billion Hong Kong dollars, and a 46.8% decrease in lending business revenue to 5.7 million Hong Kong dollars.The group's gross margin decreased by 53.2% from 92.2 million Hong Kong dollars last year to 43.2 million Hong Kong dollars. The gross margin for the concrete business fell from 27.0% to 18.7%, mainly affected by increased raw material costs and weakened demand leading to lower selling prices. Financing costs increased by 39.6% from 9 million Hong Kong dollars to 12.5 million Hong Kong dollars, mainly due to interest expenses from newly issued corporate bonds and an increase in average borrowing principal.Looking ahead, the group faces significant challenges. Although the national Real Estate policy continues to optimize, the Real Estate market remains sluggish, and demand for ready-mixed concrete products is expected to remain weak in the short term. The group will regularly review its Business strategy, strictly control costs, and actively seek suitable investment opportunities to achieve diversified business development. Meanwhile, the group will continue to support the development of its concrete business in Hainan and prudently manage the risks associated with its lending business.