29 August, 2023 (SYDNEY): eCargo Holdings Limited (ASX: ECG) (ECG, eCargo or the Group) today announced its interim financial results for the six months ended 30
June 2023 (1H FY23).
1H FY23 Results Overview1:
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Revenue from continuing operations2 of HK$67.5 million (A$12.9 million), up 44.4%, (1H FY22: HK$46.8 million)
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Gross Margin down to 31% (1H FY22: 39%) as a result of offering discounts on products to enhance sell-through rate due to the more challenging market conditions in China
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Operating expenses up 12%, primarily due to elevated marketing costs, stemming from introducing new brands to the Chinese market and the launch of two innovative platforms: Flow, a B2B eCommerce platform, and Hype, a microinfluencer platform
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Net Profit from continuing operations of HK$2.2 million (A$0.42 million) increased 64.3% (1H FY22: HK$1.4 million), driven by revenue growth
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The Group is transitioning its core focus from B2C eCommerce to B2B eCommerce to focus on a longer value chain and capitalise on the lucrative potential within the B2B ecosystem
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