MingZhu Logistics Holdings Limited announced its unaudited financial results for the six months ended June 30, 2024, revealing a substantial decrease in revenue and an expanded net loss. Revenue for the period dropped by $33.2 million, or 59.2%, to $22.9 million, compared to $56.1 million in the same period of 2023. This decline reflects ongoing challenges in the company's core logistics business.
The company reported a net loss of approximately $9.8 million for the first half of 2024, an increase of $8.9 million from the net loss of $0.9 million recorded in the first half of 2023. Total costs also decreased by $31.9 million, or 58.6%, to $22.6 million, but this was insufficient to offset the revenue contraction.
Cash and cash equivalents decreased by $4.0 million, settling at $1.3 million as of June 30, 2024. CEO Jinlong Yang stated the company's priorities include returning to sales growth in core logistics, reducing operating expenses, and pursuing long-term business diversification, including premium liquor distribution.
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