Ruixin International Group (00724) released its 2024 interim results, with losses reduced to approximately HKD 20.4 million.

CITIC Financial APP News, Rui Xin International Group (00724) announced its six-month results ending June 30, 2024. During the reporting period ending June 30, 2024 (“reporting period”), the group had no revenue, compared to approximately HKD 56.2 million in the six months ending June 30, 2023 (“relevant period”). The loss during the reporting period decreased from about HKD 34.8 million to approximately HKD 20.4 million. The reduction in loss was mainly due to decreased operating losses in the electronic products business, partially offset by increased estimated interest expenses on convertible notes and shareholder loans. Due to the weak global economic environment, global tariff protection issues, rising interest rates, rapid industry advancements, development, fierce competition, and the group’s poor financial condition, the group’s electronic products business image and confidence among customers further declined. The significant revenue decrease led to the electronic products business costs dropping to basic operating costs during the reporting period, resulting in a reduction in operating losses compared to the relevant period.

Apart from the estimated interest expenses on convertible notes and shareholder loans arising from accounting treatment under applicable accounting standards, the group recorded a loss of approximately HKD 9.2 million during the reporting period, compared to a loss of about HKD 25.5 million in the relevant period.