TAI PING CARPET (00146) released its annual performance for the year ending on June 30, 2024...
TAI PING CARPET (00146) published its annual performance for the year ending on June 30, 2024. The group achieved a revenue of 0.64 billion Hong Kong dollars, an increase of 6.6% compared to the previous year. The net profit attributable to owners of the company was 42.113 million Hong Kong dollars, a 9.6% increase. The basic earnings per share was 19.85 Hong Kong cents. The company plans to distribute a final dividend of 12 Hong Kong cents per share.
According to the announcement, thanks to a good sales mix, continuous productivity improvement in Xiamen production facilities, and a decrease in global freight costs, the group's gross margin increased by 2% to 62% compared to last year. Total operating expenses increased by 9% to approximately 0.349 billion Hong Kong dollars, from approximately 0.32 billion Hong Kong dollars last year, due to the increase in expenses aligning with sales growth, expanded marketing and promotional activities to support sales growth, and strategic investments. Additionally, the termination of the confirmation of a right-of-use asset and the subletting of a showroom in New York resulted in a one-time loss of approximately 6 million Hong Kong dollars. The increase in sales revenue and gross margin contributed to an operating profit of approximately 46 million Hong Kong dollars, a 14% increase compared to approximately 40 million Hong Kong dollars achieved in 2023.