Fengdeli Holdings (00571) announced interim results for the six months ended January 31, 2024. The group obtained...
According to the Zhitong Finance App, Feng Deli Holdings (00571) announced interim results for the six months ended January 31, 2024. The group achieved a turnover of HK$493 million during the period, a year-on-year decrease of 3.88%; losses attributable to shareholders of HK$106 million, an increase of 28.32% over the previous year; and a basic loss of HK$0.06 per share.
According to the announcement, the decline in turnover was mainly due to the lower than expected operating revenue of theaters during the period compared with the same period last year. Revenue from theatre operations fell 28.2% compared to the same period last year, mainly due to various challenges faced by the Hong Kong box office. These challenges include factors such as public travel, poor economic conditions, and changes in consumer behavior towards streaming platforms. The Group is actively implementing cost optimization measures for theatre operations, including but not limited to negotiations with existing owners on rent reduction/reduction.