According to Zhitong Financial App, Shengnuo Group (01418) announced unaudited interim results for the six-month period ending June 30, 2023. The company achieved a year-on-year decrease of 2.18% in revenue to HK$1,589 million, and profit of $22.4 million, compared to a loss of HK$44.9 million in the same period last year; profit of HK$1.06 per share.
The announcement stated that turning losses into profits was mainly due to various cost reduction measures adopted by the Group, including improving production efficiency; stricter control of labor costs; and reducing the cost of raw materials.