On February 28, GLONGHUI (02033.HK) announced that for the six months ended 31 December 2023 (“first half of fiscal year 2024”), revenue was approximately HK$432 million, a year-on-year decrease of 7.2%; profit attributable to company owners was approximately HK$11.482 million, while the first half of fiscal year 2023 was a loss attributable to company owners of about HK$44.9 million, with a basic profit of HK0.6 per share.
According to the announcement, the decline in the Group's revenue was mainly due to the decline in revenue from sales of famous brand watches other than Tianwang Watch (“Other Brands (China) Business”) due to the Group having (i) closed a number of underperforming points of sale to optimize its sales network; and (ii) sold the interests of a number of its subsidiaries classified as sales points operating under this business segment in the year ended June 30, 2023 (“Fiscal Year 2023").