Business
J-Long Group Limited Announces First Half 2024 Unaudited Financial Results
HONG KONG, March 25, 2024 (GLOBE NEWSWIRE) -- J-Long Group Limited (“JL” or the “Company”) (NASDAQ: JL), JL conducts its primary operations of apparel trims
About this update from J-long Group Limited
[{"type":"text","content":"HONG KONG, March 25, 2024 (GLOBE NEWSWIRE) -- J-Long Group Limited (“JL” or the “Company”) (NASDAQ: JL), JL conducts its primary operations of apparel trims solution services in Hong Kong, today announced its unaudited financial results for the six months ended September 30, 2023. Overview: Revenue was approximately US$14.6 million for the six months ended September 30, 2023, representing a decrease of approximately 34.9% from the same period in 2022.Net income was approximately US$1.4 million for the six months ended September 30, 2023 (2022: approximately US$3.4 million). Six Month Financial Results Ended September 30, 2023 Revenue. Revenue decreased by approximately 34.9% from approximately US$22.4 million for the six months ended September 30, 2022, to approximately US$14.6 million for the six months ended September 30, 2023. During the six months ended September 30, 2023, revenue decreased mainly due to a decrease in the sales of heat transfers of approximately US$11.8 million from the same period in 2022 that was set off by an increase in the sales of the other products of approximately US$4 million. Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 22% from approximately US$2.0 million for the six months ended September 30, 2022 to approximately US$2.4 million for the six months ended September 30, 2023, which was mainly due to (i) an increase in payroll to our staff and fees to our directors; (ii) increase in depreciation of right-of-use due to an increase of rental fee for the warehouses and offices. Other income, net. Other net income decreased by approximately US$0.1 million from approximately US$0.3 million for the six months ended September 30, 2022 to approximately US$0.2 million for the six months ended September 30, 2023, which was mainly due to the subsidy from the Employment Support Scheme launched by the Hong Kong government received during 30 September 2022. Income tax expense. Income tax expense decreased to US$0.3 million for the for the six months ended September 30, 2023 (six months ended September 30, 2022: approximately US$0.7 million) which was mainly due to the decrease in net income. Net income. Net income decreased by approximately US$2.0 million to approximately US$1.4 million, which was mainly due to the decrease in revenue. Basic...