Energy & Energy Global (01142.HK) turned an annual loss into a profit of HK$550 million

Gelonghui Finance ·  06/30/2023 22:53

Gelonghui June 30Energy and Energy Global (01142.HK) reported that for the year ended March 31, 2023, the company's turnover was HK $11.50, down 1.57% from a year earlier; the company's profit for the period attributable to shareholders was HK $550 million, compared with a loss of HK $343 million in the same period last year; and basic earnings per share was HK3.79 cents.

On the one hand, the Group benefited from the overall increase in diesel and petrol sales prices driven by overall inflation, which made a positive contribution to the annual turnover, but on the other hand, price increases suppressed demand for diesel and petrol, coupled with the adverse impact of the overall depreciation of the Korean won during the year, this has led to a decrease in the absolute amount of annual turnover when translated into the Hong Kong dollar in the Consolidated account report. As a result, due to the net impact of the above factors, the Group's turnover eventually decreased slightly during the year under review.

The Group's total turnover includes sales of about HK $836 million for diesel, HK $199 million for petrol and about HK $114 million for other related petroleum products and services. In terms of product portfolio, diesel sales, gasoline sales and other related petroleum products and services sales accounted for about 72.75%, 17.34% and 9.91% of the group's total turnover, respectively. The decline in gasoline sales was the main reason for the decrease in total turnover during the year under review.

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