GLONGHUI SEPTEMBER 25丨Times Group Holdings (01023.HK) announced annual results. For the year ended June 30, 2023, the company's revenue was HK$1,828 million, a year-on-year decrease of 0.98%; gross profit of HK$606 million, an increase of 13.44% over the previous year; profit attributable to the company's shareholders for the period was HK$203 million, an increase of 81.64%; basic profit per share was HK$21.05 million, proposed distributionFinal dividend of HK7 cents per share.
During the reporting period, gross margin increased from about 28.9% in fiscal year 2022 to about 33.1% in fiscal year 2023. The increase was mainly due to strict production cost control policies implemented over the past few years and the depreciation of the RMB against the US dollar, which has increased gross margin to a greater or lesser extent.
The significant improvement in performance was mainly due to 1) the depreciation of RMB against the US dollar, which increased the gross margin of the Group's manufacturing business; and 2) the completion of the sale of a loss-making business.