Dragon Group International Limited (SG:MT1) has released an update.
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Dragon Group International Limited reported a decrease in revenue to US$471,000 in the first quarter of 2024, down from US$524,000 in the previous year, attributing the decline to lower customer demand and a shift in sales mix that resulted in a drop in gross profit margin from 18.5% to 15.1%. The company’s operating expenses have increased, and as of March 31, 2024, the group has a shareholders’ deficit of US$5.7 million and cash equivalents of US$0.6 million. Following its failure to meet the financial exit criteria by the extended deadline, trading of the company’s securities has been suspended pending the completion of an exit offer.
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