Business
Raytech Holding Reports Financial Results for Fiscal Year Ended March 31, 2024
HONG KONG, July 30, 2024 (GLOBE NEWSWIRE) -- Raytech Holding Limited (the “Company” or “RAY”), a Hong Kong-headquartered company specializing in design,
About this update from Raytech Holding Limited
[{"type":"text","content":"HONG KONG, July 30, 2024 (GLOBE NEWSWIRE) -- Raytech Holding Limited (the “Company” or “RAY”), a Hong Kong-headquartered company specializing in design, sourcing and wholesale of personal care electrical appliances for international brand owners, today announced its financial results for the fiscal year ended March 31, 2024. CHING Tim Hoi, CEO and Chairman of the Company, commented, “The Company delivered a robust financial performance in the fiscal year ended March 31, 2024, with revenue increased by a substantial 47.1% to reach HKD67.0 million (US$8.6 million), up from HKD45.5 million in the prior year. This exceptional revenue growth was primarily driven by a significant increase in sales of our hair styling, trimmer product series, as well as new tooling revenue generated from manufacturing a variety of tools, molds, and assembly equipment for our customers.” “While merchandise costs rose in line with the higher revenue, we were able to effectively manage our selling, general and administrative expenses. In particular, staff costs decreased slightly, and we achieved reductions in certain other expense categories such as depreciation and selling and marketing costs. As a result, income from operations grew by a strong 57.9% to HKD11.4 million (US$1.5 million), and net income likewise expanded by 57.9% to HKD9.9 million (US$1.3 million).” “We are very pleased with the Company's robust financial performance in fiscal 2024, which demonstrates our ability to drive substantial revenue growth while maintaining disciplined cost control. Going forward, we will continue to focus on expanding our customer base, developing innovative products, and enhancing operational efficiency to deliver sustainable long-term value for our shareholders.” Selected Fiscal Year 2024 Financial Metrics Years Ended March 31, Changes in (HKD in millions, except per share data, differences due to rounding.) 2024 2023 Percentage Revenue HKD 67.0 45.5 47.1%Total operating expenses 55.6 38.3 45.1%Income from operations 11.4 7.2 57.9%Total other income, net 1.4 0.3 366.7%Income before income taxes 12.8 7.5 70.7%Net income 9.9 6.3 57.9%Earnings per share 0.62 0.39 59.0% Revenue increased by 47.1% to HKD67.0 million for the year ended March 31, 2024, compared with HKD45.5 million for 2023.Total operating expenses were HKD55.6 million for the year ended March 31, 2...