Tongtian Liquor (00389) announced 2024 interim results. Total losses and overall expenses attributable to owners of about 261 million yuan increased by about 49.96 times over the same period last year

According to the Zhitong Finance App, Tongtian Liquor (00389) announced its 2024 interim results. Earnings fell about 26% year on year to about 56.141 million yuan, gross profit decreased by about 71% year on year to about 6.737 million yuan, total loss and overall expenses due to company owners was about 261 million yuan, an increase of about 49.96 times year on year; basic and diluted losses per share were 86.51 points.

According to the announcement, the decline in earnings was mainly due to the inability to obtain financial data from Tonghua's subsidiaries, which did not include Tonghua's subsidiary's sales revenue (accounting for 21% of the full year of 2023). Furthermore, due to a decrease in domestic demand for high-end wine products, sales and gross margin of some of the Group's high-end wines have declined.