Core Viewpoint - HomesToLife Ltd reported a significant decline in net revenue for the first half of 2024, primarily due to adverse economic conditions affecting the home furniture market in Singapore [1][2]. Financial Performance - The company achieved net revenue of 1,993,323forthefirstsixmonthsof2024,representinga212,527,724 in the same period of 2023 [1]. - Gross profit margin decreased to 66.1% in the first half of 2024 from 68.8% in the first half of 2023, attributed to rising inward freight costs [3]. - Total operating expenses increased by 138,473,or8.2508,865 for the first half of 2024, compared to income from operations of 52,847inthesameperiodof2023[5].−Thenetlossforthefirsthalfof2024was452,438, or (0.03)pershare,comparedtonetincomeof74,986, or 0.01pershare,forthesameperiodin2023[5].CashFlowandLiabilities−Cashandcashequivalentsdecreasedto544,294 as of June 30, 2024, down from 1,366,956attheendof2023[6].−Netcashusedinoperatingactivitieswas899,519 for the first half of 2024, contrasting with net cash provided by operating activities of 53,225inthesameperiodof2023[6].−Totallong−termliabilitiesincreasedto2,985,724 as of June 30, 2024, compared to $2,225,228 at the end of 2023 [7]. Strategic Outlook - The CEO expressed optimism about new initiatives aimed at expanding the business into the rest of Asia, which are expected to enhance financial performance in the latter half of 2024 [8].
