MGSD Announces Results for 2024 Fiscal Year

Rhea-AI Summary

Maitong Sunshine Cultural Development (OTCQB: MGSD), a cultural tourism services provider, reported its financial results for fiscal year 2024 ended September 30. The company achieved total revenue of $804,887, marking a significant 7230% increase from the previous fiscal year's $10,981. Despite the revenue growth, MGSD reported a net loss of $30,810 for FY2024, with operating costs of $439,260 and operating expenses of $388,580. The company's EBITDA showed a loss of $21,304, representing a 47% decrease in loss. Beijing Tongzhilian, MGSD's operating subsidiary, expanded its operations by adding product sales in the last quarter of FY2024.

Positive

• Revenue increased by 7230% to $804,887 in FY2024
• 47% reduction in EBITDA loss
• Successfully established sales and service systems
• Expanded business with new product sales operations

Negative

• Net loss of $30,810 in FY2024
• EBITDA loss of $21,304
• High professional fees and listing-related costs ($142,401)
• Significant operating expenses ($388,580) relative to revenue

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NEW YORK, Dec. 13, 2024 /PRNewswire/ -- Maitong Sunshine Cultural Development Co., Ltd (OTCQB: MGSD), an enterprise that provides cultural tourism services and other related services and products, announced its financial results for the year ended September 30, 2024.

Shang Jia, CFO of MGSD, said, "MGSD has experienced rapid growth in fiscal year 2024, with a total annual revenue of $0.8 million, an increase of 7230% compared to the last fiscal year. This year's performance indicates that the company's sales and service systems have been successfully established. We are highly optimistic about the future of the cultural travel industry, and the future of MGSD is highly anticipated.

Financial Summary for the year ended September 30, 2024

MGSD commenced operations on September 7, 2023, the company's sales and service systems have been quickly and successfully established, and financial results show that total revenue for fiscal year 2024 (October 2023 to September 2024) was $804,887, an increase of $793,906 (7230%) compared to previous fiscal year (September 7, 2023 to September 30, 2023) of $10,981. Beijing Tongzhilian, a business operating subsidiary of MGSD, provides cultural tourism services and related services and products and added product sales operations to its business in the last quarter of the fiscal year 2024. Beijing Tongzhilian will continue to expand its cultural and tourism business and product sales as planned, and will continue to add new business content and forms.

For the year ended September 30, 2024, total operating costs was $439,260 and operating expenses were $388,580, as a group listed in the U.S. in the current financial year, incurring more listing-related and start-up costs, the professional fees and related expenses was $142,401, this resulted a net loss of $30,810 for the year ended September 30, 2024, and a decrease in EBITDA to a loss of $21,304, a 47% decrease in loss.

Financial Highlights:
Revenues - MGSD achieved a revenue of $0.8 million in fiscal year of 2024, has initially established a sales service system, and has set up two product lines for cultural and tourism product sales and gift product sales, and has acted swiftly with a promising future.

Cautionary Note Regarding Forward-Looking Statements:
This release contains "forward-looking" statements. All forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business and regulatory risks and factors identified in the Company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.

CONTACT: mary20116688@163.com
RELATED LINKS:
Maitong Sunshine Cultural Development Co., Limited
www.maitongsunshine.com

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SOURCE Maitong Sunshine Cultural Development Co.,Ltd

FAQ

What was MGSD's revenue growth in fiscal year 2024?

MGSD's revenue grew by 7230% to $804,887 in fiscal year 2024, compared to $10,981 in the previous fiscal year.

How much net loss did MGSD report for FY2024?

MGSD reported a net loss of $30,810 for the fiscal year ended September 30, 2024.

What were MGSD's operating costs and expenses in FY2024?

MGSD's operating costs were $439,260 and operating expenses were $388,580 in fiscal year 2024.

What new business operations did MGSD add in FY2024?

MGSD's subsidiary Beijing Tongzhilian added product sales operations to its cultural tourism services in the last quarter of fiscal year 2024.

How much did MGSD spend on professional fees and listing-related costs in FY2024?

MGSD spent $142,401 on professional fees and listing-related costs in fiscal year 2024.