Tan Chong posts HK$35.9m loss in H1 2024 as automotive sales drop sharply

It reversed its HK$126.9m net profit in H1 2023.

Tan Chong International Limited sank into the red in H1 2024, posting a loss attributable to equity shareholders of HK$35.9m.

The H1 2024 loss is a reversal from the HK$126.9m net profit in H1 2023. Loss per share was HK$0.0178.

Revenue also fell in H1 2024, dipping by 9.9% YoY to HK$6.59b.

The company attributed its lower revenue to a “severe drop in sales in the automotive division.”

Additionally, the company faced currency fluctuations, slowing global economic activities, and geopolitical tensions, affecting its overall financial performance.

The company’s financial services subsidiary, ETHOZ Group, and its publicly listed logistics subsidiary, ZERO, were its bright spots in H1.

The businesses recorded profit increases of 17% and 24%, respectively.