The code uses a label "z" to create a labeled loop. The loop iterates from 2 to 6. If the value of x is 3, the continue statement is executed, which skips the current iteration. If the value of x is 5, the break statement with the label "z" is executed, which terminates the loop. Otherwise, the value of x is concatenated to the string "o". In this case, the loop will iterate from 2 to 6, excluding 3 and terminating at 5. Hence, the value of "o" will be "24".