Ossia International (O08) H1 2023 earnings summary

Executive summary

• H1 FY2024 revenue rose 18.0% YoY to $12.27m as travel restrictions lifted, boosting tourist traffic and retail spending.

• Net profit was $19k versus $3.411m a year earlier, mainly reflecting associate earnings falling to $593k from $3.735m.

Financial highlights

• Gross profit increased to $6.509m from $5.309m; gross profit margin had no major fluctuation.

• Operating loss widened to $175k from $108k; profit before tax declined to $534k from $3.607m.

• Net cash used in operating activities was $3.281m, versus $2.194m; net cash and cash equivalents ended at $7.362m, down from $12.294m at period start.

Outlook and guidance

• Operations and strategies are being adjusted to market expectations, with focus on potential industry recovery as the world moves toward an endemic phase.

• Results were stated to be in line with the prior commentary dated 29 May 2023.