Zhitong Financial APP News, Xianshi (00244) announced interim results for 2023, with an income of HK $74.356 million, an increase of about 7.6% over the same period last year; a loss of HK $17.493 million attributable to the company's equity holders, down 54.07% from the same period last year; and a loss of HK $0.01per share.
According to the announcement, the decrease in losses was mainly due to the gradual recovery of economic activities in Hong Kong, China and the re-opening of customs clearance with the mainland in the first half of 2023, which increased the group's department store business income by about HK $5.5 million in the first half of 2023; the gross profit margin improved from about 55% to about 59%; and the depreciation of right-to-use assets decreased by about HK $11 million due to the closure of a store at the end of 2022 and rent concessions for the department store business.