Glonghui November 29丨Ling Rui Holdings (00784.HK) announced that for the six months ended September 30, 2023, the Group's revenue decreased by about 12.5% from about HK$126.7 million in the same period last year to about HK$110.9 million. The decline was mainly due to customers with a good track record in settling receivables in order to improve the Group's credit controls in response to the challenging business environment caused by the COVID-19 pandemic.
The Group recorded a net loss of approximately HK$1.6 million during the period and a net profit of approximately HK$1.0 million for the same period in 2022. The directors believed that the reduction in net profit to net loss was due to the combined effects of (i) an increase in employee salary increases; (ii) an increase in warehouse rental expenses; and (iii) the absence of subsidies and funding from the Hong Kong Government.