Shares of Topsports International Holdings Ltd. (HKG:6110) plummeted by more than 5% on Wednesday, October 24, as the Hong Kong-listed sportswear company reported disappointing financial results for the first half of its fiscal year ended August 31, 2024.
The company's net profit attributable to shareholders nosedived 34.5% year-over-year to 873.8 million yuan ($123.2 million), while revenue for the six-month period also declined to 13.05 billion yuan, down from 14.18 billion yuan in the same period last year. Topsports further disclosed that its total sales for retail and wholesale operations in the second quarter registered a low-teens percentage decline compared to the previous year.
The weaker financial performance led Topsports to cut its interim dividend to 0.14 yuan per share, lower than the 0.16 yuan paid out a year ago. Investors reacted negatively to the disappointing results, sending Topsports' stock down by over 5% on Wednesday as concerns mounted about the company's ability to maintain growth and profitability in a challenging market environment.
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