Top Wealth Group Holding Limited announced its financial results for the first half of fiscal year 2024, reporting a substantial decline in revenue. Total revenue for the period was US$4.40 million, representing a 37% decrease compared to the first half of 2023. This decline was attributed to the impact of a previous Christmas promotion.
The company also reported a net loss per share of US$0.017 for the first half of 2024, a significant shift from the US$0.054 profit per share recorded in the first half of 2023. This downturn was influenced by increased selling and administrative expenses.
Furthermore, the company's financial activities were notably impacted by a rise in advertising expenses during the period. Despite a decrease in the cost of sales, which led to a higher gross margin, the overall increase in operating expenses contributed to the reported net loss.
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