Guangdong Tannery Limited (HK:1058) has released an update.
Guangdong Tannery Limited reported a significant improvement in its financial performance for the first nine months of 2024, despite a 7.3% drop in revenue due to weak domestic demand and fierce market competition in the footwear leather sector. The company successfully boosted its subcontracting business, reduced unit costs, and improved operational efficiency, leading to a 61.7% reduction in operating losses compared to the same period last year. This strategic shift resulted in a positive gross profit, marking a turnaround from previous losses.
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