Tongdeshi (Group) (00518) released its annual results for the year ending March 31, 2024, with revenue of HKD 517 million, a decrease of 31.4% year-on-year. The company's owners suffered a loss of HKD 12.796 million, compared to a profit of HKD 19.718 million in the same period last year, with a basic loss per share of 2.8 HK cents.
Tongdeshi (Group) (00518) released its annual results for the year ending March 31, 2024, with revenue of HKD 517 million, a decrease of 31.4% year-on-year. The company's owners suffered a loss of HKD 12.796 million, compared to a profit of HKD 19.718 million in the same period last year, with a basic loss per share of 2.8 HK cents.
This year, total revenue has declined by 31.4% year-on-year, primarily due to a slowdown in demand from end consumers of the company's branded goods, as a result of inflation; the continued high inventory levels in the industry; and the overall impact of a relatively higher base in the same period last year, leading to a significant reduction in sales activities for exports to the North American market.