Zhitong Financial APP News, Honghao International Holdings (08375) released results for the six months ended June 30, 2023, with income of HK $37.745 million, down 16.6% from the same period last year; net loss of HK $5.451 million, down 13.6% from the same period last year; and basic loss per share of HK1.89 cents.
The main reasons for the decrease in revenue during the period were the flat demand for traditional electronic components and excessive supply, resulting in fierce price competition and high materials and operating costs. The Group adopts a more aggressive pricing approach and sacrifices short-term gross profit margin to maintain market share.