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Majestic Corp PLC on Monday cited a shrinking gross domestic product in China and high interest rates as its interim profit declined.
The Georgia, US-based precious metals recycler said pretax profit in the first half of 2023 fell 12% to $862,000 from $980,000 a year prior. Revenue rose to $13.0 million from $12.9 million.
Cost of goods sold increased to $11.8 million from $11.5 million.
Chair & Chief Executive Officer Peter Lai said: ‘Despite these difficult conditions for global markets, which we don’t see improving in the short term, our focus remains on safeguarding our competitiveness by further reducing our costs and securing long term contracts with customers.’
He added that the company is confident it will ‘continue to prosper in the coming years.’
Majestic shares last traded publicly on June 26 at 40.00 pence each on AQSE in London
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