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23.02.2024 16:45
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CCSC Technology International Holdings Limited Reports Financial Results for the First Six Months of Fiscal Year 2024
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PR Newswire
HONG KONG, Feb. 23, 2024
HONG KONG, Feb. 23, 2024 /PRNewswire/ -- CCSC Technology International Holdings Limited (the "Company" or "CCSC") (Nasdaq: CCTG), a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced its unaudited financial results for the first six months of fiscal year 2024 ended September 30, 2023.
Mr. Kung Lok Chiu, Chief Executive Officer and Director of the Company, commented, "During the first six months of fiscal year 2024, amidst macroeconomic uncertainties and rising supply chain costs, our revenue and gross profit decreased from the same period of last year; however, our gross margin remained stable despite the challenging environment. Furthermore, in January 2024, we completed our initial public offering and listing on the Nasdaq Capital Market under the ticker symbol "CCTG", which we expect to enhance our competitiveness globally. Looking forward, we plan to strategically focus on growing industries, such as new energy, robotics, and medical. We also plan to keep investing in research and development and offering innovative and cost-effective products to our customers. We are committed to delivering high-quality products to our customers and generating long-term value for our shareholders."
First Six Months of Fiscal Year 2024 Financial Highlights
- Revenue was $7.5 million for the six months ended September 30, 2023, compared to $15.6 million for the same period of last year.
- Gross profit was $2.3 million for the six months ended September 30, 2023, compared to $5.4 million for the same period of last year.
- Loss from operations was $0.3 million for the six months ended September 30, 2023, compared to income from operations of $2.1 million for the same period of last year.
- Net income was $0.4 million for the six months ended September 30, 2023, compared to $2.8 million for the same period of last year.
- Basic and diluted earnings per share was $0.04 for the six months ended September 30, 2023, compared to $0.28 for the same period of last year.
First Six Months of Fiscal Year 2024 Financial Results
Revenue
Total revenue was $7.5 million for the six months ended September 30, 2023, which decreased by 52.0% from $15.6 million for the same period of last year.
The following table sets forth revenue by interconnect products:
| | | For the Six Months Ended September 30, | | | Change | | ||||||||||||||||||
| ($ millions) | | 2023 | | | % | | | 2022 | | | % | | | Amount | | | % | | ||||||
| Cables and wire harnesses | | | 6.9 | | | | 91.8 | % | | | 14.5 | | | | 93.0 | % | | | (7.6) | | | | (52.6) | % |
| Connectors | | | 0.6 | | | | 8.2 | % | | | 1.1 | | | | 7.0 | % | | | (0.5) | | | | (43.5) | % |
| Total | | | 7.5 | | | | 100.0 | % | | | 15.6 | | | | 100.0 | % | | | (8.1) | | | | (52.0) | % |
Revenue generated from cables and wire harnesses decreased by 52.6%, to $6.9 million for the six months ended September 30, 2023, from $14.5 million for the same period of last year. Revenue generated from connectors decreased by 43.5%, to $0.6 million for the six months ended September 30, 2023, from $1.1 million for the same period of last year.
The decrease in our revenue was primarily attributable to the decrease in sales volume. We experienced a contraction in demand, primarily because a number of our customers had purchased our products in advance in fiscal year 2022 and the first half of fiscal year 2023 in anticipation of higher supply chain costs. Customers also preferred reduced inventory, due to uncertainties about macroeconomic conditions.
The following table sets forth the disaggregation of revenue by regions:
| | | For the Six Months Ended September 30, | | | Change | | ||||||||||||||||||
| ($ millions) | | 2023 | | | % | | | 2022 | | | % | | | Amount | | | % | | ||||||
| Europe | | | 4.3 | | | | 57.8 | % | | | 9.8 | | | | 62.8 | % | | | (5.5) | | | | (55.8) | % |
| Asia | | | 2.4 | | | | 31.8 | % | | | 4.7 | | | | 29.8 | % | | | (2.3) | | | | (48.7) | % |
| Americas | | | 0.8 | | | | 10.4 | % | | | 1.2 | | | | 7.4 | % | | | (0.4) | | | | (32.9) | % |
| Total | | | 7.5 | | | | 100.0 | % | | | 15.6 | | | | 100.0 | % | | | (8.1) | | | | (52.0) | % Werbung Mehr Nachrichten zur CCSC Technology International Holdings Ltd. Aktie kostenlos abonnieren
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