Combine Will International Holdings has reported earnings of HK$20.5 million for 1HFY2023, down 9.4% y-o-y. Revenue was down 16% to HK$511.1 million.
The company, Hong Kong-based but Singapore-listed, designs and manufactures corporate gifts, toys, and other consumer products.
The company says that despite tougher conditions with higher interest rates, it has managed to hold its gross profit margin at 10.9% for 1HFY2023, an improvement from 10.4% recorded in 1HFY2022.
The company has been setting up new production facilities in Indonesia, to make paper products and soft toys.
"Our investment into paper production capabilities in Indonesia, alongside future plans to further diversify our production, signifies our unwavering commitment to generating sustainable value for our shareholders," says CEO Simon Chiu.
With a broader set of production capabilities, Combine Will is actively targeting new clients in various sectors and segments, seeking to expand and diversify its customer base by leveraging different materials and manufacturability.
Combine Will last traded at 90 cents, up 12.5% year to date.
