Grand Designs (01545.HK) announced on August 29 that for the six months ended June 30, 2024, the group's income was approximately 315 million Singapore dollars, a decrease of approximately 14.9 million Singapore dollars or 32.1% from the approximately 463 million Singapore dollars for the six months ended June 30, 2023. This decrease was mainly due to high interest rates, reduced disposable income, and reduced spending on non-essential items such as furniture, leading to a decrease in furniture demand in the company's USA market division, ultimately resulting in reduced income. Despite the revenue decline, the company is still able to prudently manage costs to earn slight profits. The company maintains a healthy financial and cash position to survive this challenging period.
Group profit decreased by approximately 67.4% from approximately 0.7 million Singapore dollars for the six months ended June 30, 2023, to approximately 0.2 million Singapore dollars for the six months ended June 30, 2024, mainly due to reduced income.
