HINGTEX HLDGS released its 2024 annual performance, with a net loss of HKD 34.95 million, narrowing by 7.5% year-on-year
HINGTEX HLDGS released its 2024 annual performance, with revenue of HKD 215 million, a year-on-year increase of 31.8%; net loss of HKD 34.95 million, a year-on-year narrowing of 7.5%; basic loss per share of HKD 5.46. Despite the uncertainties facing the global denim industry, the group has taken prudent measures to seize recovery opportunities, including collaborating with Vietnamese contractors to establish new production lines. The exchange loss caused by the depreciation of the Renminbi has negatively impacted financial performance
According to the Zhitong Finance APP, HINGTEX HLDGS (01968) released its performance for the fiscal year 2024, reporting revenue of HKD 215 million, a year-on-year increase of 31.8%; a net loss of HKD 34.95 million, a year-on-year narrowing of 7.5%; and a basic loss per share of HKD 5.46.
In this fiscal year, the global denim fabric industry remains shrouded in uncertainty, including tariff adjustments by the U.S. government (the main denim fabric market). In response, the group has taken prudent measures to seize recovery opportunities post-COVID-19. These measures include actively engaging with customers and enhancing operational efficiency. Additionally, as part of the group's "China Plus One" strategy, it has collaborated with a Vietnamese subcontractor to establish a new production line to better meet the diverse procurement needs of customers. Compared to 2023, these measures have significantly improved the group's performance, with both revenue and gross profit increasing substantially. However, exchange losses caused by the depreciation of the Renminbi have negatively impacted the group's financial performance, partially offsetting this year's revenue
