Time Watch (02033) announced the annual performance for the year ended June 30, 2024, with revenue of approximately 0.881 billion...
According to the Zhongtong Finance and Economics APP, Time Watch (02033) announced the full-year performance for the year ended June 30, 2024, with revenue of approximately 0.881 billion Hong Kong dollars, a decrease of about 10.3% year-on-year. The company's attributable profit was about 33.6 million Hong Kong dollars, a decrease of about 9.3% year-on-year. Basic earnings per share were 1.6 cents Hong Kong, with proposed final dividends and special dividends per share at 0.7 cents Hong Kong and 1.0 cents Hong Kong.
The announcement stated that the decrease in revenue was mainly due to: since the relaxation of COVID-19 epidemic control measures in December 2022, the pace of economic recovery in China in the first half of 2024 appears to be slower than expected, resulting in a soft demand from Chinese consumers for light luxury goods (such as watches and jewelry), leading to a decrease in income from the King Watch business category; and the closure of several underperforming sales points in the 2024 fiscal year and the sale of equity in several subsidiary companies in the 2023 fiscal year, resulting in a decrease in income from the other brand (China) business category.
