Gelonghui November 29丨Changjiang Garment (00294.HK) announced that for the six months ended September 30, 2023, the company's revenue was HK$98.153 million, a year-on-year decrease of 50.81%; losses attributable to the company's shareholders during the period were HK$18.367 million, compared with a profit of HK$7.821 million for the same period last year; and the basic loss per share was HK$0.09.
During the period, revenue from the company's core ready-to-wear business declined sharply, which had an adverse impact on the company's performance. The losses recorded by the company's joint venture in Wuxi have further led to negative results.
The company's core apparel business recorded a loss during the review period, while a profit was recorded in the same period last year. Our revenue was reduced by 51%. The slow recovery of major markets, rising interest rates, and global instability brought about by the Russia-Ukraine conflict and the war between Israel and Hamas have affected the company's sales performance. Management expects this poor situation to continue to affect the company's core business in the second half of this fiscal year.