Millennium Group International Holdings Ltd. (Nasdaq: MGIH), a paper-based packaging solutions supplier headquartered in Hong Kong, reported its unaudited financial results for the six months ended December 31, 2024. The company experienced a significant decrease in revenues, which fell to $14.1 million, a 40.6% drop from $23.8 million in the same period of 2023. The net loss for the six-month period in 2024 increased to $3.1 million, compared to a net loss of $0.9 million in 2023. This reflects a challenging period for the company amidst persistent macroeconomic pressures. Cash and cash equivalents were reported at $11.2 million as of December 31, 2024, marking a 16.1% decrease from $13.3 million as of June 30, 2024. Despite these financial challenges, Millennium Group International Holdings Ltd. is advancing its strategic expansion into Vietnam and Indonesia. The company is set to launch new factories in these regions, aiming to bolster operational efficiency and strengthen supply chain resilience. These initiatives are part of the company's broader strategy to optimize costs, enhance operational efficiency, and diversify its customer base.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Millennium Group International Holdings Ltd. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001213900-25-056719), on June 23, 2025, and is solely responsible for the information contained therein.
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