Summary by Moomoo AI
Solargiga Holdings Limited announced its interim performance for the six months ended June 30, 2024, showing a decline in revenue and profit. During the period, the company's revenue was approximately RMB 1,693.2 million, a decrease of 51.2% compared to the same period last year. The gross margin also decreased from 6.7% to 1.3%, a decrease of 90.6%. This decrease was mainly due to the sharp decline in the price of photovoltaic components and inventory write-downs. Sales and distribution expenses, as well as administrative expenses, also decreased, by 36.4% and 11.2% respectively. During the period, the company recorded a net loss of approximately RMB 101.1 million, compared to a net profit of approximately RMB 99.9 million in the same period last year. The company stated that it will increase efforts to improve operational efficiency and strictly control costs in order to enhance its competitive advantage. The directors do not recommend the distribution of interim dividends.
