BrilliA Announces Six-month Earnings of $0.06 per Share and a 17% Revenue Increase for the Six Months Ended September 30, 2024
SINGAPORE, March 21, 2025 (GLOBE NEWSWIRE) -- BrilliA Inc (NYSE American: BRIA) ("BRIA" or "the Company"), a leading one-stop service cross-border solution provider for ladies' intimate apparel brands, today announced that, for the six-month ended September 30, 2024, the Company had revenue of $27,423,693, a 17% improvement compared with revenue of $23,483,537 for the same period in 2023.
The Company reported revenue of $27.4 million, representing a 17% increase compared to $23.5 million in the same period of 2023. Net income for the six months ended September 30, 2024, was $1.13 million, or $0.06 per share, reflecting a negligible change from $1.13 million, or $0.06 per share, in the prior-year period.
Revenue increased by 17%, driven primarily by a 38% rise in export sales to North America, contributing approximately $6.5 million. This was partially offset by a 56% decline in export sales to Europe, amounting to approximately $3.1 million.
The Company's gross profit margin improved to 15.4% from 14.8% in the prior year period.
Operating expenses increased by approximately 27%, or $0.6 million, primarily due to a 56% rise in employee benefit expenses ($0.56 million) and a 24% increase in other expenses ($0.20 million), which included travel, entertainment, license fees, and taxes.
As a result of the above-mentioned factors, the Company's net income for the six months ended September 30, 2024, showed a slight increase to $1,132,224, compared with $1,131,819 in the prior-year period. Cash and cash equivalents as at September 30, 2024, were about $5.9 million compared with approximately $6.4 million as at March 31, 2024. Net cash used in operating activities for the six months ended September 30, 2024, was about $0.20 million, compared with about $0.68 million in the same period a year earlier. Total non-current liabilities at September 30, 2024, were about $1.71 million, compared with zero in the corresponding period in 2023.
"We are quite excited by our financial performance in the first six months ended September 30 2024, especially our 38% growth in sales to North America," said BrilliA chief executive Kendrew Hartanto. "We were also successful in achieving an improvement in our gross profit margin, which, along with our 17% improvement in revenue, contributed to another profitable period for our Company.
"Going forward, we expect North American sales to remain strong, and for our European intimate apparel sales to be boosted by our recently signed cooperation framework with the French luxury lingerie brand, Maison Lejaby.
"We also expect our own DIANA lingerie brand to begin making significant contributions to overall revenue in Indonesia, Singapore, and other ASEAN countries later this year."
About BrilliA Inc
BrilliA is a one-stop service cross-border solution provider for ladies' intimate apparel brands, managing sales and customer relationships with major clients like Fruit of the Loom, Hanes Brands Inc and H&M, with the expertise in handling sourcing, design, prototyping, supply chain to logistic management as well as quality control of products manufactured by independent third party manufacturing facilities for their customers worldwide.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, the Company's expectations regarding the completion, timing and size of the proposed Offering and statements regarding the use of proceeds from the sale of the Company's shares in the Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate", or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
For further information, please contact:
BrilliA Inc Contact:
220 Orchard Road, Unit 05-01, Midpoint Orchard
Singapore 238852
(+65) 6235 3388
Email: info@brilliaincorporated.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com
BRILLIA INC AND ITS
SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS
ENDED SEPTEMBER 30,
2023 AND 2024
Pro forma Successor
Six months ended Six months ended
Note September 30, September 30,
2023 2024
(Unaudited) (Unaudited)*
USD USD
Revenue 16 23,483,537 27,423,693
Cost of materials (12,718,569) (15,090,191)
Contract manufacturers
charges (7,281,609) (8,114,670)
---------------- ----------------
Gross profit 3,483,359 4,218,832
Other income 17 48,291 54,972
Depreciation of
property, plant and
equipment (17,985) (22,791)
Depreciation of
right-of-use assets (86,305) (229,348)
Employee benefit
expense 18 (999,461) (1,558,517)
Other expenses 19 (831,715) (1,030,375)
Finance costs 20 (7,048) (67,760)
Net gain/(loss) on
impairment of
financial assets (235,775) 74,004
---------------- ----------------
Profit before income
taxes 1,353,361 1,439,017
Income tax expenses 21 (221,542) (306,793)
---------------- ----------------
Profit for the
financial period 1,131,819 1,132,224
================ ================
Other comprehensive
income
Items that may be
reclassified
subsequently to profit
or loss
(Loss)/Gain on foreign
currency translation (33,214) 41,056
---------------- ----------------
Other comprehensive
income, net of tax (33,214) 41,056
================ ================
Total comprehensive
income for the period 1,098,605 1,173,280
================ ================
Profit attributable
to:
Owners of the parent 1,130,833 1,130,677
Non-controlling
interest 986 1,547
---------------- ----------------
1,131,819 1,132,224
================ ================
Total comprehensive
income attributable
to:
Owners of the parent 1,097,652 1,171,692
Non-controlling
interest 953 1,588
---------------- ----------------
1,098,605 1,173,280
================ ================
Weighted average
number of ordinary
shares
basic and diluted 28,530,220 28,530,220
Earnings per share
attributable to
ordinary shareholders
basic and diluted 0.04 0.04
================ ================
* For period prior to the acquisition, the Company
is referred to as the Predecessor. For period after
the acquisition, it is referred to as Successor. Please
refer to "Note 1 Group Reorganization" for detailed
explanation.
The accompanying notes are an integral part of these
unaudited interim consolidated financial statements.
BRILLIA INC AND ITS SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
AS OF MARCH 31, 2024 AND SEPTEMBER 30,
2024
Predecessor
As of Successor
March 31, As of
2024 September 30,
(Pro forma 2024
Note Unaudited) (Unaudited)*
---- ----------- -------------
ASSETS USD USD
Non-current assets
Property, plant and equipment, net 4 98,016 144,635
Right-of-use assets 5 16,651 2,167,443
Deferred offering costs 6 836,752 1,250,176
----------- -------------
Total non-current assets 951,419 3,562,254
----------- -------------
Current assets
Inventories 7 7,093,579 9,968,764
Trade and other receivables 8 12,204,289 11,112,834
Amounts due from related parties 9 460,163 559,622
Income tax recoverable 59,314 62,115
Cash and cash equivalents 10 6,383,103 5,898,466
----------- -------------
Total current assets 26,200,448 27,601,801
----------- -------------
Total assets 27,151,867 31,164,055
=========== =============
LIABILITIES AND EQUITY
Non-current liabilities
Lease liabilities 11 -- 1,708,501
----------- -------------
-- 1,708,501
----------- -------------
Current liabilities
Trade and other payables 12 16,649,567 17,052,169
Amount due to a director 13 -- 2,739
Amount due to a shareholder 14 56,895 51,678
Lease liabilities 11 -- 423,490
Income tax payable 2,304,921 2,611,714
----------- -------------
Total current liabilities 19,011,383 20,141,790
----------- -------------
Total liabilities 19,011,383 21,850,291
=========== =============
Capital and reserves
Share capital 15 500 6,660,500
Translation reserve -- 41,015
Merger reserve 717,901 (5,942,099)
Retained earning 7,414,815 8,545,492
----------- -------------
8,133,216 9,304,908
----------- -------------
Non-controlling interests 7,268 8,856
----------- -------------
Total shareholders' equity 8,140,484 9,313,764
----------- -------------
Total liabilities and equity 27,151,867 31,164,055
=========== =============
The accompanying notes are an integral part of these
unaudited interim consolidated financial statements.
(END) Dow Jones Newswires
March 21, 2025 06:30 ET (10:30 GMT)
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