Stock Track | Giordano International Shares Plunge 5% on Disappointing Interim Results

Stock Track08-15

Shares of Giordano International Ltd (HKG:0709) plunged as much as 5.10% during intraday trading on Thursday, following the release of the company's disappointing interim financial results for the first half of 2023.

According to the company's filing with the Hong Kong Exchange, Giordano International reported a net profit attributable to shareholders of HK$120 million for the six months ended June 30, a significant decrease from the HK$190 million recorded in the same period last year. The company's revenue also declined to HK$1.90 billion, down from HK$1.97 billion a year ago.

The company attributed the revenue decline to a decrease in revenue from China, citing the overall economic trend and cost-cutting measures taken by the company in the Chinese market, which resulted in insignificant investment in brand marketing.

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