Revenue grew by 3% y-o-y for 1HFY2024 to $179.25 million from $174.06 million in 1HFY2023, primarily due to the increase in revenue contribution from quick-service restaurants (QSR), convenience and others.
Operating expenses decreased by 12.8% y-o-y, mainly due to decreased expenses in delivery platform commission and marketing expenses.
Meanwhile, finance costs remained relatively constant and represented 1.3% and 1.5% of total revenue for 2HFY2024 and 2HFY2023 respectively.
Additionally, gross profit dropped by 18.4% to $8.07 million in 1HFY2024 from $9.90 million in 1HFY2023.
See also: ISOTeam reports lower FY2025 earnings but upbeat on prospects
Moving forward, the outlook for the group remains challenging due to the food and beverage industry continuing to experience intense competition.
On May 19, the group received a privatisation offer of 36 cents per share from Southern Capital Group.
Shares in RE&S Holdings closed unchanged at 35.5 cents on Aug 21.
