Zhongxin Fruit has posted earnings of RMB2.3 million ($4.21 million) for FY2024 ended June 30, down 61.5% y-o-y from RMB6.0 million in the previous financial year.
For 2HFY2023, the group reported a loss of RMB0.6 million, reversing from earnings of RMB4.3 million in 2HFY2023.
This was driven by an increase in distribution expenses due to higher warehousing costs by approximately RMB0.9 million following the increase in the level of inventories to cater to production requirements in the financial year.
Earnings per share stood at 0.21 RMB cents in FY2024, down 0.57 RMB cents in FY2023.
Meanwhile, the group’s revenue stood at RMB135.3 million, up 18% y-o-y from RMB114.5 million in the same period last year.
This came on the back of the increase in selling prices of concentrated fruit juices and fructose which have on average, up by approximately 13% and 14% respectively in FY2024.
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The higher revenue in FY2024 was also partly attributed to an increase in demand for fructose.
That said, the group recorded lower gross profits at RMB20.0 million in FY2024, down 16.6% y-o-y from RMB24.0 million in FY2023.
Gross profit margin was similarly down at 14.8%, due to higher procurement and production costs.
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Shares in Zhongxin Fruit 5EG closed at an unchanged 1.7 cents on Aug 28.
