Fri, Oct 11, 10:55 AM (83 days ago)
**Synergy Empire Limited (SHMY) Summary** For the fiscal year ending March 31, 2024, Synergy Empire Limited reported a significant decline in revenue, generating only $5,000 compared to $122,381 in the previous year, marking a 95.9% decrease. This drop is attributed to the cessation of dine-in and delivery services following the termination of all tenancy agreements on October 31, 2022. The company has shifted focus to consultancy services for restaurant management, generating its sole revenue from this segment. Net income for FY 2024 was $788,254, a notable turnaround from a net loss of $534,676 in FY 2023, primarily due to a gain from the disposal of subsidiaries amounting to $1,444,410. Operating expenses rose to $676,076, reflecting ongoing administrative costs despite the cessation of operational activities. The company's financial condition remains precarious, with a cash balance of only $82 as of March 31, 2024, and total liabilities exceeding current assets by $406,879. The accumulated deficit stands at $958,879. Synergy Empire's strategic pivot aims to leverage its director's industry expertise to enhance profitability and operational efficiency amidst ongoing market challenges.