Merchant House International (ASX: $MHI) Quarterly Activities Report

Merchant House International Limited (ASX: $MHI) has released its Quarterly Activities Report for the quarter ending 31 December 2023. The report includes updates on Forsan, FIT, AMI, and the group's cash balance, providing insights into the company's recent developments and financial status.

Executive Commentary on Quarterly Activities

The Company is pleased to announce the Quarterly Activities Report for the quarter ending 31 December 2023. Forsan's decision not to renew the co-operation agreement with Tianxing has led to negotiations for the divestment of its 33.79% stake back to the controlling shareholder. Additionally, FIT has ceased operations and executed contracts for the sale of its assets, while AMI has seen a significant increase in shipments and sales. The group maintains a healthy cash balance of A$4.083 million as at 31 December 2023.

Summary of Quarterly Activities and Outlook

Merchant House International (ASX: $MHI) has reported on the developments of its subsidiaries, including the negotiation for the divestment of Forsan's stake in Tianxing and the cessation of operations at FIT. The increase in shipments and sales for AMI indicates a positive outlook for the company's home textile products division. With a healthy cash balance, the company is well-positioned to navigate its current challenges and pursue its corporate strategy. The outlook for the March 2024 quarter suggests continued growth for AMI, while the divestment of Forsan's stake in Tianxing will be a key focus for the company's future endeavors.