CR Asia (00831) has released its interim results for the six months ended June 30, 2024. The Group achieved a revenue of HKD 0.722 billion, an increase of 2.82% YoY. The net profit attributable to shareholders was HKD 12.767 million, a decrease of 16% YoY, with a basic earnings per share of 1.6 HK cents. An interim dividend of 2 HK cents per share is proposed.

According to the announcement, as of June 30, 2024, the Group operates 130 shops of St. Honore Cake Shop in Hong Kong and Macau, as compared to 128 as of the end of the first half of 2023. One shop was opened by the Group and 8 branches were closed in the first six months of 2024. The total network coverage in Guangzhou covers 18 locations.

In the first half of the year, although the same-store sales declined due to reduced consumer spending and increased outbound tourism, the Group's revenue remained flat YoY, mainly due to the rapid development of the Group's business-to-business operation, which achieved double-digit growth. New products with higher profit margins, such as sourdough bread, winter buns, and light sandwiches, also boosted bread sales performance, which was satisfactory.