HK Stock Market Move | VTECH HOLDINGS(00303) drops more than 6%, with mid-term net profit falling by 6.6% year-on-year to $87.4 million.

VTECH HOLDINGS (00303) fell more than 6%, dropping by 6.41% to HK$51.85 as of the time of writing, with a turnover of HK$146.88 million. On the news front, VTECH HOLDINGS Group announced its interim results for the six months ended September 30, 2024, with revenue of approximately USD 1.0897 billion, a 4.5% decrease year-on-year. The gross profit margin improved from 28.5% to 31.5%, with the net profit attributable to shareholders dropping by 6.6% to USD 87.4 million, earnings per share of 34.6 cents, and an interim dividend of 17 cents per ordinary share, unchanged from the previous year. The announcement stated that the decrease in revenue was mainly attributed to reduced revenue in North America, Europe, and Asia-Pacific, offsetting an increase in sales in other regions. The drop in profit was mainly due to the decrease in revenue, along with increased operating expenses due to the integration of assets from GST Communications GmbH.