Summary by Moomoo AI
Fenbo Holdings reported revenue growth of 14.2% to HK$66.9 million for H1 2024, driven by increased sales of flat irons and hair straighteners. Gross profit rose to HK$14.9 million with margin expanding to 22.3% from 17.9% in H1 2023. However, the company recorded a net loss of HK$1.9 million compared to a net income of HK$0.2 million in the prior year period.The performance decline was primarily attributed to a HK$7.4 million surge in general and administrative expenses, mainly due to increased staff costs, insurance expenses for business expansion, and post-listing administrative fees. Operating loss reached HK$2.2 million compared to an operating income of HK$0.9 million in H1 2023.As of June 30, 2024, cash and equivalents stood at HK$25.9 million, down 44.1% from December 2023. Despite challenging macroeconomic conditions and weak consumer sentiment, management remains focused on improving product competitiveness and R&D capabilities to enhance market share and maintain long-term customer relationships.
