For the half-year period, revenue decreased slightly by 2% y-o-y to $70.6 million as cost of sales held steady at $50.2 million.
Gross profit also decreased to $20.3 million in 1HFY2024, down by 4% y-o-y, while gross profit margin decreased to 28.8% for the half-year period compared to 29.6% in 1HFY2023 due to a change in product sales mix.
In 1HFY2024, the company recorded an operating cash flow before working capital changes of $10.2 million, adjusted for working capital outflow of $11.2 million and income tax paid of $1.1 million.
Cash and cash equivalents stood at $11.8 million as at Dec 31, 2023.
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The company says it is poised for a strategic expansion plan, envisioning a gradual increase in the number of our jewellery and pawn shop outlets to strengthen its brand position and elevate its market competitiveness.
In the face of a challenging macroeconomic environment marked by exchange rate and gold price volatility, inflationary pressures and high interest rates, the company says it strives to be resilient and is reasonably optimistic about sustaining profitability in FY2024 barring any unforeseen circumstances.
Shares in Taka Jewellery closed unchanged at 6.8 cents on Feb 8.
