Addentax Group Corp. reported a decline in financial performance for the three and nine months ended December 31, 2024, compared to the same periods in 2023. For the third quarter, the company generated revenues of $1.06 million, a decrease of 27.9% from $1.47 million in the prior year. For the nine-month period, revenues fell to $3.25 million, down 15.7% from $3.86 million. The gross profit for the third quarter was $82,819, representing a 49% decline from $162,327 in the previous year, while the nine-month gross profit decreased to $614,055 from $802,123.
The company's net loss for the third quarter was $1.09 million, a significant improvement from a loss of $2.61 million in the same quarter of 2023. For the nine months, the net loss was $3.03 million, compared to $3.97 million in the prior year. The basic and diluted earnings per share for the third quarter were ($0.19), compared to ($0.66) in the previous year, and for the nine months, they were ($0.53) versus ($1.00).
Operationally, Addentax has undergone significant changes, including the disposal of its subsidiary, Shantou Yi Bai Yi Garment Co., Ltd., in August 2024, which did not qualify as discontinued operations. The company continues to focus on its core segments: garment manufacturing, logistics services, and property management. The garment manufacturing segment contributed approximately $33,773 in revenue for the third quarter, while logistics services accounted for $831,103. The property management segment generated $194,486 in revenue during the same period.
In terms of cash flow, Addentax reported net cash provided by operating activities of $802,379 for the nine months ended December 31, 2024, a notable improvement from net cash used in operating activities of $1.52 million in the same period of 2023. The company had total current assets of approximately $27.76 million and current liabilities of $3.21 million as of December 31, 2024. Looking ahead, Addentax aims to enhance its operational efficiency and expand its logistics network while managing the challenges posed by the economic environment in China. The company is also exploring additional funding options to support its growth initiatives.
About ADDENTAX GROUP CORP.
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