Neo-Concept International Group Holdings Limited Announces First Half 2024 Unaudited Financial Results

Core Viewpoint - Neo-Concept International Group Holdings Limited reported a financial turnaround for the six months ended June 30, 2024, achieving a net income of approximately HK$1.4 million (US$0.2 million) compared to a net loss of approximately HK$5.2 million in the same period of 2023, driven by increased revenue and gross profit [2][6]. Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HK$79.3 million (US$10.2 million), reflecting a 1.7% increase from approximately HK$78.0 million in the same period of 2023 [2][3]. - The increase in revenue was primarily attributed to a 95.3% rise in retail sales of owned-branded apparel products in the UK, amounting to HK$11.5 million (US$1.5 million) [3]. - Conversely, sales of private-labelled apparel products decreased by approximately 5.9% to HK$67.8 million (US$4.3 million) [3]. Expenses - Selling, general and administrative expenses rose by approximately 12.7% to HK$15.9 million (US$2.0 million) for the six months ended June 30, 2024, mainly due to increased staff costs and rental expenses related to the expansion of retail operations [4]. Other Income and Tax - Other income, primarily from agency fees, increased by approximately HK$2.4 million (US$0.3 million) for the six months ended June 30, 2024 [5]. - Income tax expense remained nil for both periods, as the company either incurred tax losses or had available tax losses carried forward [5]. Earnings Per Share - Basic and diluted earnings per share were approximately HK$0.07 (US$0.01) for the six months ended June 30, 2024, compared to a loss per share of HK$0.29 for the same period in 2023 [7]. Company Overview - Neo-Concept International Group Holdings Limited is a comprehensive apparel solution provider, offering services across the apparel supply chain, including market trend analysis, product design, raw material sourcing, production, and logistics management [8]. - The company emphasizes eco-friendly practices and sustainable solutions throughout its garment production process [9].