Fu Yu reverses losses with $72k net profit in H1 2024
Revenue grew 78% to $126.7m.
Fu Yu reported a net profit of $72,000 for H1 2024, rebounding from the $3.9m loss incurred a year ago.
Revenue for the period grew 78.0% to $126.7m, boosted by stronger contributions from both the manufacturing and supply chain management segments.
Revenue from its supply chain management arm, Fu Yu Supply Chain Solutions (FYSCS) more than tripled to $72.0m from $18.6m due to higher demand amidst a global economic recovery.
Meanwhile, gross profit from the manufacturing segment rose 12.9% to $7.0m from $6.2m a year ago.
In a bourse filing, the company said that its manufacturing business grew 4% to $54.8m in H1 2024, driven by higher sales from Singapore and Malaysia, partially offset by lower turnover in China.
Revenue from Singapore and Malaysia rose 6.6% to $21.0m and 39.1% to $17.8m, respectively, whilst revenue from China fell 20.4% to $16.0m. In addition, the higher-margin biomedical segment contributed 3.0% to total revenue for H1 2024.
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