Carry Wealth Holdings Reports Mixed Mid-Year Results

Carry Wealth Holdings Limited (HK:0643) has released an update.

Carry Wealth Holdings Limited reported a 23.6% increase in revenue to HK$280.8 million and a slight gross profit increase to HK$32.1 million for the first half of 2024, despite a net loss of HK$12.2 million, largely caused by higher interest expenses, reduced profit margins, and one-off restructuring costs. The company has shifted garment production from its Mainland China facility to subcontractors in Southeast Asia to reduce costs, in response to changes in customer sourcing strategies and macroeconomic challenges such as the Russo-Ukraine conflict. The securities investment segment saw no new stock purchases and hence no gains or losses in the period.

For further insights into HK:0643 stock, check out TipRanks’ Stock Analysis page.