Highway Holdings (HIHO) has released an update.
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Highway Holdings Limited has reported a decline in both quarterly and annual financial results for the fiscal year 2024, with net sales falling to $1.4 million from $1.7 million in the previous year’s quarter, and annual net sales dropping from $10.2 million to $6.3 million. The company experienced a significant net loss of $1.18 million in the last quarter and a total net loss of $959,000 for the year, primarily due to the adverse effects of the COVID-19 pandemic, resulting in inventory imbalances and reduced customer demand. Despite these challenges, Highway Holdings maintains a strong cash position with no debt, and is working on developing a second line of business to mitigate future risks.
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